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Novogradac Warns LIHTC Developers that QTCs Will Change in Fall

Friday, May 18, 2001 - 1:45AM

Developers of low-income housing tax credit (LIHC) properties should be aware that qualified census tracts (QCTs) will change significantly come fall, said Michael J. Novogradac at Novogradac & Company LLP’s Credit & Bond Financing for Affordable Housing Conference on May 17. LIHC projects located in a QCT qualify for a 30 percent increase in eligible basis. The U.S. Department of Housing and Urban Development (HUD) recalculates QCTs every 10 years, when new census figures are released. A QCT is an area in which 50 percent or more of households earn 60 percent or less of the area median income, or which has a poverty rate of at least 25 percent. Novogradac estimated that the new calculations would be available sometime in the fall.

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