WHEDA Modifies QAP to Include Income-Average Option for Rural Set-Aside

Monday, November 18, 2019 - 9:45am

The Wisconsin Housing and Economic Development Authority (WHEDA) issued modifications to its qualified allocation plan for 2019 and 2020 to include the average-income option for the rural set-aside for 9 percent low-income housing tax credits (LIHTCs). WHEDA will allow properties that received an award under the 2019 rural set-aside to retroactively amend their application to include the average-income option if they meet a series of qualifications, including that 100 percent of units must be low-income. Applicants for the 2020 rural set-aside have the same option. WHEDA also modified its set-aside mix for LIHTCs to 20 percent rural (formerly 15 percent), 42.5 percent general (formerly 45 percent) and 17.5 percent for preservation of qualifying federally assisted housing units (formerly 20 percent). There remain 10 percent set-asides for nonprofits and supportive housing.