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State LIHTC Program Descriptions
The links in the map above take users to the program descriptions below, which is maintained by Novogradac & Company. We will update this list as new information becomes available. If you would like to correct or update the information listed above please email [email protected].
Arkansas |
|
Program | Arkansas State Housing Credit |
Administering Agency | Arkansas Development Finance Authority |
Enacting Legislation | H.B. 2197 |
Amending Legislation | H.B. 2197-H2, H.B. 2197-H3 |
Related Statutes and Documents | A.C.A. Section 26-51-17 |
Application |
|
Application Process |
Request for state tax credits should be included with federal LIHTC application |
Application Deadline(s) | 4:30 p.m. the first Monday of March |
Allocation Process/Priorities |
|
Annual State CAP | |
Transaction CAP | 20 percent of the federal award |
Credit Description | 9 percent |
How To Claim the Credit | Submit Arkansas Individual Income Tax Schedule of Tax Credits AR1000TC to claim the credits |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 10 years (15 years) |
Recapture | Same as federal |
Other |
|
Novogradac Contact | |
State Contact |
Matt Barker |
California |
|
Program | California State Low Income Housing Tax Credit |
Administering Agency | California Tax Credit Allocation Agency |
Enacting Legislation | Chapter 658, Statutes of 1987 |
Amending Legislation | A.B. 1903; A.B. 2846; S.B. 713; S.B. 585; A.B. 952; S.B. 837 |
Related Statutes and Documents | California Revenue and Taxation Code Section 23610.5; California Code of Regulations Title 4, Division 17, Chapter 1 June 17, 2020 |
Application |
|
Application Process |
Request for state tax credits should be included with federal LIHTC application. |
Application Deadline(s) |
Not Available |
Allocation Process/Priorities |
|
Annual State CAP | |
Transaction CAP |
30 percent of eligible basis for 9 percent credits 13 percent of eligible basis for 4 percent credits |
Credit Description | 9 percent and 4 percent |
How To Claim the Credit | Not Available |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 4 years |
Recapture | Same as federal |
Other | Application Information: FAQ; California Code of Regulations Title 4, Division 17, Chapter 1; October 21, 2015 Adopted Regulations; October 21, 2015 Adopted Regulations (strikeout/underlined version); CTCAC Allocation Process for Set Asides and Geographic Regions; S.B. 837: The bill also creates a new authority to certificate state credits, meaning they can be sold outright to a state investor rather than requiring the investor to be a partner. |
Novogradac Contact | |
State Contact |
Judith Blackwell |
Colorado |
|
Program | Colorado Low Income Housing Tax Credit |
Administering Agency | Colorado Housing and Finance Authority |
Enacting Legislation | H.B. 14-1017 |
Amending Legislation | H.B. 1465; SB 18-007 |
Related Statutes and Documents |
2019 Colorado Department of Revenue Private Letter Ruling PLR 19-004 2018 Colorado Revised Statutes Section 36-22-2101 |
Application |
|
Application Process | |
Application Deadline(s) | Not Available |
Allocation Process/Priorities |
Allocation is based on the following selection criteria:
In addition, for all state credit applications, developments using 4 percent federal credits rather than 9 percent federal credits will be a priority; new construction has priority over acq/rehabs. |
Annual State CAP | |
Transaction CAP | 30 percent of qualified basis |
Credit Description |
SB 18-007 extends Colorado’s Affordable Housing Tax Credit (state AHTC) program through 2024. |
How To Claim the Credit | Owners of qualified developments and tax credit recipients should attach the allocation certificate issued by the Colorado Housing and Finance Authority and the owner’s certification as to the allocation of the credit among the qualified taxpayers having ownership in the development to their state income tax returns. The credit is claimed evenly over six years, beginning with the year the development is first placed in service. |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 6 years (15 years) (All developments must comply with the rent and income requirements through a 15-year compliance period) |
Recapture | Same as federal |
Other | Letter of Information |
Novogradac Contact | |
State Contact |
Connecticut |
|
Program | Connecticut Housing Tax Credit Contribution Program |
Administering Agency | Connecticut Housing Finance Authority |
Enacting Legislation | Bill No. 5955 |
Amending Legislation | Not Applicable |
Related Statutes and Documents | Connecticut General Statutes Section 8-395 |
Application | Application Process |
Application Process |
Request for state tax credits should be included with federal LIHTC application |
Application Deadline(s) |
9 percent LIHTC: Application rounds are typically held each year in the fall. 4 percent LIHTC: Because 4 percent LIHTC are awarded on a non-competitive basis, developers may apply for 4 percent LIHTC at any time. |
Allocation Process/Priorities |
Applications are ranked based on the following criteria:
|
Annual State CAP | Up to $10 million, with $2 million set-aside for supportive housing and $1 million is set-aside for workforce housing as defined by CHFA. |
Transaction CAP | $500,000 per funding year |
Credit Description | A nonprofit corporation can receive up to $500,000 annually in state tax credits which can then be sold to state business firms in return for cash contributions to the nonprofit corporation’s housing program. Eligible business firms may be able to claim a charitable deduction for their contribution. |
How To Claim the Credit | A completed CHFA-DOH Consolidated Application for Housing Development (ConApp) must be submitted by the published deadline. |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 10 Years (15 Years) |
Recapture | Credit recipients must submit quarterly progress reports to CHFA. Housing programs that do not meet their development schedule and completion dates can forfeit funds contributed by business firms to CHFA and the HTCC credits will be returned to CHFA. |
Other |
|
Novogradac Contact | |
State Contact |
Masouda Omar |
D.C. |
|
Program | District of Columbia Low-Income Housing Tax Credit |
Administering Agency | District of Columbia Housing Finance Agency |
Enacting Legislation | Act 20-449 |
Amending Legislation | Not Applicable |
Related Statutes and Documents | District of Columbia Code Section 2-47 |
Application |
Not Available |
Application Process |
Not Available |
Application Deadline(s) | Not Available |
Allocation Process/Priorities |
Not Available |
Annual State CAP | $1 million for the pilot year. |
Transaction CAP | Not Available |
Credit Description | Not Available |
How To Claim the Credit | A qualified development must receive an Eligibility Statement from the DC Department of Housing and Community Development. The owner must then submit the Eligibility Statement each year with the filing of its state tax return. |
Bifurcated from Federal LIHTC? | All or any portion of the DC low-income housing tax credits may be transferred, sold, or assigned. |
Credit Period (Compliance) | The DC Department of Housing and Community Development will monitor and oversee compliance with the DC low-income housing tax credit program. |
Recapture | D.C. low-income housing tax credits will not be allowed for a tax year if an owner of a qualified development does not submit a copy of the Eligibility Statement issued by the D.C. Department of Housing and Community Development with respect to the qualified development at the time of the filing of the owner’s state tax return. If a portion of the federal low-income housing tax credits are required to be recaptured, the DC low-income housing tax credit will also be recaptured in an amount equal to the amount of D.C. low-income housing tax credits previously claimed multiplied by a fraction, the numerator of which is the amount of recaptured federal low-income housing tax credits, and the denominator of which is the amount of federal low-income housing tax credits previously claimed. |
Other | The D.C. Department of Housing and Community Development may charge a user fee equal to up to 1 percent of the D.C. low-income housing tax credits awarded to a qualified development. |
Novogradac Contact | |
State Contact |
Nkosi Bradley |
Georgia |
|
Program | Georgia Housing Tax Credit Program |
Administering Agency | Georgia Department of Community Affairs |
Enacting Legislation | H.B. 272 |
Amending Legislation | Not Applicable |
Related Statutes and Documents | O.C.G.A. Section 48-7-29.6 |
Application |
|
Application Process |
Request for state tax credits should be included with federal LIHTC application. |
Application Deadline(s) | Not Applicable |
Allocation Process/Priorities | The state credit will be automatically allocated on a dollar-for-dollar basis with the federal credit (for both the 9 percent and 4 percent federal credit). |
Annual State CAP |
|
Transaction CAP | The annual state credit dollar amount will equal that of the federal credit. |
Credit Description | The annual state credit dollar amount will equal that of the federal credit. |
How To Claim the Credit | Form IT-HC |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | Same as federal |
Recapture | Same as federal |
Other | 2017 Draft QAP; The Final Report of the Georgia House Study Committee on Low-Income Housing Tax Credits |
Novogradac Contact | |
State Contact |
Georgia Department of Community Affairs |
Hawaii |
|
Program | Hawaii Low-Income Housing Tax Credit |
Administering Agency | Hawaii Housing Finance and Development Corporation |
Enacting Legislation | H.B. 960 |
Amending Legislation | |
Related Statutes and Documents | Hawaii Revenue Statute Section 235-110.8 |
Application |
Contact Hawaii Housing Finance & Development Corporation at (808) 587-0567 for an application package. Complete and accepted applications shall then be evaluated in accordance with the allocation plan to determine the development’s rank in relation to other developments in the evaluation. Developments receiving the highest ranking shall then be further evaluated to determine the minimum amount of LIHTC required to make the development feasible. The amount of LIHTC reserved or allocated to a particular development will be limited to the minimum amount the HHFDC, in its sole discretion, deems necessary to make the development feasible. |
Application Process |
Request for state tax credits should be included with federal LIHTC application. |
Application Deadline(s) |
Application Deadlines:
Please contact program staff for the dates. Subject to change. |
Allocation Process/Priorities | The state credit will be automatically allocated at 50 percent of the federal credit. |
Annual State CAP |
|
Transaction CAP | 50 percent of the federal credit |
Credit Description | 9 percent and 4 percent |
How To Claim the Credit | Form N-586 |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) |
Allocations before Jan. 1, 2017: 10 years (30 Years) |
Recapture | Same as federal |
Other | 2016-2017 QAP; Governor's Message on S.B. 2833 |
State Contact | |
Novogradac & Company Contact |
Darren Ueki |
Illinois |
|
Program | Illinois Affordable Housing Tax Credit |
Administering Agency | Illinois Housing Development Authority |
Enacting Legislation | S.B. 1135 |
Amending Legislation | H.B. 603; S.B. 2921 |
Related Statutes and Documents | Illinois Administrative Code Section 47-2-355 |
Application |
|
Application Process | |
Application Deadline(s) | Applications accepted year round. |
Allocation Process/Priorities |
The first step in applying for IAHTC is to submit a Preliminary Project Assessment (PPA). The PPA addresses development concept, design, location and proposed tenant population. PPAs are either approved or denied by IHDA and are accepted on a rolling basis for IAHTC. Approval of a PPA does not guarantee an allocation of tax credits or any other IHDA resources. |
Annual State CAP |
|
Transaction CAP |
50 percent of the donations |
Credit Description |
The Illinois Affordable Housing Tax Credit (IAHTC) encourages private investment in affordable housing by providing donors of qualified donations with a one-time tax credit on their Illinois state income tax equal to 50 percent of the value of the donation. The donor can choose to transfer the credits to the development, which creates additional development financing through syndication of the credits. The credit was extended until Dec. 31, 2021. |
How To Claim the Credit | For the taxable year in which the credit is claimed, the donor claiming the credit must attach a copy of the reservation letter issued by the housing agency detailing the amount of credits allocated to their Illinois income tax return. |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 1 Year (1 Year) |
Recapture | Only in the case of fraud |
Other | |
Novogradac Contact | |
State Contact |
|
Indiana (Proposed) |
|
Program | Affordable Housing and Workforce Housing Tax Credit |
Administering Agency | Indiana Housing and Community Development Authority |
Enacting Legislation | S.B. 214 |
Amending Legislation | |
Related Statutes and Documents | |
Application | |
Application Process | |
Application Deadline(s) | |
Allocation Process/Priorities | |
Annual State CAP | $30 million. |
Transaction CAP | |
Credit Description | Credit worth 40% to 100% of federal 4% LIHTC award. |
How To Claim the Credit | |
Bifurcated from Federal LIHTC? | |
Credit Period (Compliance) | |
Recapture | |
Other | For fiscal years beginning after June 30, 2021, and before July 1, 2026. |
Novogradac Contact | Dirk Wallace |
State Contact | Matt Rayburn Deputy Executive Director & Chief Real Estate Development Officer [email protected] |
Maine |
|
Program | Maine Credit for Affordable Housing |
Administering Agency | Maine State Housing Authority |
Enacting Legislation | H.P. 1180 – L.D. 1645 |
Amending Legislation | |
Related Statutes and Documents | Chapter 35 |
Application | |
Application Process | |
Application Deadline(s) | |
Allocation Process/Priorities | 10 percent of credits first available in any calendar year must be set aside to be allocated to qualified rural development preservation projects. The allocating agency shall seek to achieve the following targets over time:
|
Annual State CAP | $10 million. Any amount not allocated can be carried forward, but total allocation may not exceed $15 million in any calendar year. |
Transaction CAP | |
Credit Description | Matches the federal LIHTC allocation for properties that are:
Credit also can be equal to 50 percent of the qualified basis of an affordable housing project that incurs not less than $100,000 includible in eligible basis in the construction or rehabilitation of an affordable housing project for which a federal LIHTC is not claimed for those expenditures. No more than $500,000 in credit may be allocated for a single project under this project and no more than 20 percent of the credits an any calendar year may be allocated to these properties. All properties receiving the credit must remain credit-qualified affordable housing project for 45 years from the date it is placed in service. Entire credit must be taken in the later of the first taxable year in which the federal LIHTC is claimed or the first taxable year for which the project has an allocation of the state LIHTC. |
How To Claim the Credit | |
Bifurcated from Federal LIHTC? | |
Credit Period (Compliance) | 1 year (45 Years) |
Recapture | |
Other | Credit expires Dec. 31, 2028. |
Novogradac Contact | Charles Rhuda |
State Contact | Mark C. Wiesendanger Director of Development [email protected] |
Maryland (Proposed) |
|
Program | Maryland Affordable Housing Development Credit Program |
Administering Agency | Department of Housing and Community Development Division of Development Finance |
Enacting Legislation | S.B. 715 |
Amending Legislation | |
Related Statutes and Documents | |
Application | |
Application Process | |
Application Deadline(s) | |
Allocation Process/Priorities | |
Annual State CAP | $5 million |
Transaction CAP | |
Credit Description | Credit allocated to developments for which the credit is necessary for the financial viability. |
How To Claim the Credit | |
Bifurcated from Federal LIHTC? | |
Credit Period (Compliance) | |
Recapture | |
Other | |
Novogradac Contact | Renee Beaver |
State Contact | Gregory Hare Deputy Director, Rental Services [email protected] |
Massachusetts |
|
Program | Massachusetts Low-Income Housing Tax Credit |
Administering Agency | Massachusetts Housing and Economic Development |
Enacting Legislation | S.B. 1698 |
Amending Legislation | H.B. 3492, Chapter 142 of the Acts of 2011 |
Related Statutes and Documents | General Laws of Massachusetts, Chapter 63, Section 31H |
Application | 2014 Massachusetts Housing Investment Corporation One Stop Application |
Application Process |
Request for state tax credits should be included with federal LIHTC application. |
Application Deadline(s) |
Not Available |
Allocation Process/Priorities |
The selection process for state credit developments fundamentally will be the same as the selection process for federal 9 percent credit developments. However, DHCD reserves the right to establish certain limits for the state credit that differ from limits for federal credit. The sponsors of developments may request an allocation of state credit in combination with federal credit. However, it is important to note that state credit typically will be allocated in lieu of a portion of federal credit, which the development might otherwise receive. |
Annual State CAP |
DHCD has authority to allocate up to $20 million each year in state housing credit through 2019, at which point the Department’s annual housing credit authority will revert to $10 million. |
Transaction CAP |
While the Department may entertain some exceptions, sponsors should make every effort to limit their state credit requests as follows:
|
Credit Description |
The amount of credit is allocated at the discretion of the Department of Housing and Economic Development. Sponsors of developments seeking state credit must meet one of the priority categories described in Section I of this QAP.
|
How To Claim the Credit | Attach the Eligibility Statement to your Massachusetts state tax returns. |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 5 years (45 Years) |
Recapture | Same as federal |
Other | State Tax Credit Program Certification |
Novogradac Contact | |
State Contact |
Michelle O’Meara |
Missouri |
|
Program | Missouri Low-Income Housing Tax Credit Program |
Administering Agency | Missouri Housing Development Commission |
Enacting Legislation | H.B. 960 |
Amending Legislation | S.B. 28 |
Related Statutes and Documents |
Revised Statutes of Missouri Chapter 135 (as of Aug. 28, 2016) |
Application | |
Application Process |
Request for state tax credits should be included with federal LIHTC application |
Application Deadline(s) |
The application deadline for 2017 Round 1 was Sep. 6, 2016. The application deadline for 2017 Round 2, consisting of $3 million of 4 percent credits only, was Jan. 16, 2017. |
Allocation Process/Priorities |
The credit is allocated based on the following:
|
Annual State CAP |
The aggregate amount of tax credits issued in a calendar year 34 under sections 135.350 to 135.363 shall not exceed fifty percent of the 35 amount of federal low-income housing tax credits allocated to the state 36 under 26 U.S.C. Section 42, as amended |
Transaction CAP |
100 percent of the federal allocation Bond developments are subject to a $700,000 cap in annual State LIHTCs |
Credit Description | Any development that is eligible for the federal credit is eligible for the state credit. The state awards both 9 percent and 4 percent credits. |
How To Claim the Credit | Form MO-TC (2016) |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 10 Years |
Recapture | Same as federal; Compliance period is 10 years |
Other | Not Applicable |
Novogradac Contact | |
State Contact |
Jennifer Schmidt |
Nebraska |
|
Program | Nebraska State Housing Credit |
Administering Agency | Nebraska Investment Finance Authority |
Enacting Legislation | L.B. 884 |
Amending Legislation | Not Applicable |
Related Statutes and Documents | Not Applicable |
Application | Not Applicable |
Application Process |
A development must be placed in service after Jan. 1, 2018, to qualify for the state LIHTC. Nebraska affordable housing tax credits may only be claimed for taxable years beginning on or after Jan.1, 2019. |
Application Deadline(s) | Not Applicable |
Allocation Process/Priorities |
The Nebraska Investment Finance Authority recently announced that it will delay the process and publication of proposed rules for its state LIHTC. |
Annual State CAP |
Total state LIHTC allocations are limited to the amount of the federal LIHTC available; Federal LIHTC in Nebraska were approximately $4.3 million in 2016 |
Transaction CAP |
The maximum amount of Nebraska affordable housing tax credits awarded to all qualified developments in any given allocation year shall be no more than 100 percent of the total amount of federal low-income housing tax credits awarded by the authority in the same allocation year. |
Credit Description | 9 Percent |
How To Claim the Credit | Not Applicable |
Bifurcated from Federal LIHTC? | Not Applicable |
Credit Period (Compliance) | 6 Years (30 Years) |
Recapture | Not Applicable |
Other |
Effective in 2018 (Specific date TBD) Nebraska Investment Housing Authority (NIFA), which administers the credit, released a memorandum recommending to not introduce the legislation in 2017 with respect to the state credit. |
Novogradac Contact | |
State Contact |
Sara Tichota |
Nevada |
|
Program | Nevada Low-Income Housing Tax Credit |
Administering Agency | Nevada Housing Division |
Enacting Legislation | |
Amending Legislation | Not Applicable |
Related Statutes and Documents | Not Applicable |
Application | Not Applicable |
Application Process |
Submit an application on a form prescribed by the Division. There are 2 methods of obtaining a Tax Credit allocation under a QAP: 1) through the competitive application process; and 2) tax-exempt bond financing |
Application Deadline(s) | Not Applicable |
Allocation Process/Priorities |
The Division shall: (a) Review each application for a certificate of eligibility for transferable tax credits submitted pursuant to subsection 2 and any supporting documents (b) Determine the amount of transferable tax credits for which the project may be eligible (c) Reserve the amount of transferable tax credits for which each project is determined to be eligible pursuant to paragraph |
Annual State CAP |
$10 Million |
Transaction CAP | Not Applicable |
Credit Description |
9 Percent |
How To Claim the Credit | Not Applicable |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | Jan. 1, 2030 |
Recapture | Not Applicable |
Other |
|
Novogradac Contact | |
State Contact |
Mark Licea LIHTC Administration Officer |
New Mexico |
|
Program | New Mexico Affordable Housing Tax Credit |
Administering Agency | New Mexico Mortgage Finance Authority |
Enacting Legislation |
House Taxation And Revenue Committee Substitute For House Bills 410, 582, 844 and 1086 |
Amending Legislation | S.B. 144; S.B. 62 |
Related Statutes and Documents | New Mexico Statutes Section 7-91 |
Application | Universal Rental Development Application |
Application Process |
To receive a tax credit voucher, applicants must make a donation of land, buildings, materials, cash (and cash equivalents) or services, which may be used to acquire land, building acquisition, construction, remodeling, improvement, rehabilitation, conversion or weatherization throughout the state. |
Application Deadline(s) | First come, first served |
Allocation Process/Priorities |
Applications are scored based on the following selection criteria:
|
Annual State CAP |
|
Transaction CAP | 25 percent of the annual state cap, unless there are too few developments requesting a reservation. |
Credit Description |
The credit is worth up to 50 percent of the value of donations for affordable housing developments approved by the New Mexico Mortgage Finance Authority (MFA). MFA awards New Mexico Affordable Housing Tax Credit reservations on a first-come first-serve basis. |
How To Claim the Credit | Affordable Housing Tax Credit Claim Form |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | Minimum of five years for single family housing and 10 years for multifamily housing. The minimum can be up to 30 years based on the allocation per housing unit (similar to credit period). |
Recapture | Resale, refinance, or transfer of ownership within affordability period will trigger 100 percent recapture. |
Other |
New Mexico Affordable Housing Tax Credit Program Notice of Funding Availability; Rental Design Standards; Rental Multifamily State Tax Check List; Tax Credit Transfer; Fiscal Impact; Tax Credit Voucher; Schedules; Donor List |
Novogradac Contact | |
State Contact |
Patty Balderamma |
New York |
|
Program | New York Low-Income Housing Tax Credit |
Administering Agency | New York State Homes and Community Renewal |
Enacting Legislation | A.B. 11006 |
Amending Legislation | S.B. 2811-C |
Related Statutes and Documents | NY CLS Public Housing Law Section 21 |
Application | Community Development Online |
Application Process |
Apply online via the Community Development Online System for federal and state credits. Complete applications must be submitted at least 60 days prior to the proposed construction start date on a form approved by DHCR and will be accepted and processed throughout the calendar year. |
Application Deadline(s) |
The SLIHC Credit allocation is not calendar year-specific. |
Allocation Process/Priorities |
Applications are scored based on the following selection criteria:
|
Annual State CAP |
|
Transaction CAP | Not Applicable |
Credit Description |
SLIHC assisted units must serve households whose incomes are at or below 90 percent of the area median income (vs. the 60 percent standard of the federal program). |
How To Claim the Credit | Form DTF-624 |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 10 Years (30 Years) |
Recapture | Same as federal |
Other |
Capital Programs Manual; Section 2040.14 New York State Low-Income Housing Tax Credit Program; Boilerplate Regulatory Agreement |
Novogradac Contact | |
State Contact |
Arnon Adler |
Oklahoma |
|
Program | Oklahoma Affordable Housing Tax Credit |
Administering Agency | Oklahoma Housing Finance Agency |
Enacting Legislation | S.B. 2128 |
Amending Legislation | S.B. 1264; H.B. 1411 |
Related Statutes and Documents | Oklahoma Statutes Section 2357.403 of Title 68 |
Application |
NA
|
Application Process |
Request for state tax credits should be included with federal LIHTC application |
Application Deadline(s) | NA |
Allocation Process/Priorities |
The following selection criteria are used to rank applications:
|
Annual State CAP | $4 million |
Transaction CAP | 100 percent of the federal credit |
Credit Description | The credit is a dollar-for-dollar match of all federal credits. |
How To Claim the Credit | Complete Form 511CR and provide an eligibility statement from the Oklahoma Housing Finance Agency with the Oklahoma state tax return. |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | Two Years |
Recapture | Same as federal |
Other |
The Oklahoma Affordable Housing Act shall undergo a review every five years by a committee of nine persons, to be appointed by various state officials. |
Novogradac Contact | |
State Contact |
Danette Carr |
Pennsylvania |
|
Program | Pennsylvania Housing Tax Credit |
Administering Agency | Pennsylvania Housing Finance Agency |
Enacting Legislation | S.B. 30 |
Amending Legislation | |
Related Statutes and Documents | |
Application | |
Application Process | |
Application Deadline(s) | |
Allocation Process/Priorities | |
Annual State CAP | $10 million |
Transaction CAP | |
Credit Description | As much as practical, administered using the same guidelines, procedures and priorities as with the federal LIHTC. At least 10 percent of credits for housing units that target households with incomes at or below 30 percent of area median income. |
How To Claim the Credit | |
Bifurcated from Federal LIHTC? | |
Credit Period (Compliance) | Five years |
Recapture | Same as federal LIHTC |
Other | |
Novogradac Contact | Dayle Dalling |
State Contact | Holly Glauser Director of Development [email protected] |
South Carolina |
|
Program | |
Administering Agency | South Carolina State Housing Finance and Development |
Enacting Legislation | Workforce and Senior Affordable Housing Act (H. 3998) |
Amending Legislation | |
Related Statutes and Documents | Revenue Ruling 21-1 |
Application | |
Application Process |
|
Application Deadline(s) | |
Allocation Process/Priorities |
|
Annual State CAP |
|
Transaction CAP | The state LIHTC amount equals the federal LIHTC amount. |
Credit Description |
(B)(1) A state tax credit pursuant to this section may be claimed against income taxes imposed by Section 12-6-510 or 12-6-530, bank taxes imposed pursuant to Chapter 11, Title 12, corporate license fees imposed pursuant to Chapter 20, Title 12, and insurance premium and retaliatory taxes imposed pursuant to Chapter 7, Title 38, to be termed the South Carolina housing tax credit, and is allowed with respect to each qualified project placed in service after Jan. 1, 2020, and before Dec. 31, 2030, in an amount equal to the federal housing tax credit allowed with respect to such qualified project. In computing a tax payable by a taxpayer pursuant to Section 38-7-90, the credit allowed pursuant to this section must be treated as a premium tax paid pursuant to Section 38-7-20. |
How To Claim the Credit | |
Bifurcated from Federal LIHTC? | |
Credit Period (Compliance) | |
Recapture |
From Section (2)(a) of H. 3998: If under Section 42 of the Internal Revenue Code of 1986, as amended, a portion of any federal housing tax credit taken on a project is required to be recaptured, the taxpayer claiming any state tax credit with respect to such project is also required to recapture a portion of any state tax credit authorized by this section. The state recapture amount is equal to the proportion of the state tax credit claimed by the taxpayer that equals the proportion the federal recapture amount bears to the original federal housing tax credit amount subject to recapture. |
Other | The total amount of the tax credit allowed by this section for a taxable year may not exceed the taxpayer's income tax liability. Any unused tax credit may be carried forward to apply to the taxpayer's next five succeeding years' tax liability. The taxpayer may not apply the credit against any prior tax years' tax liability |
Novogradac Contact | |
State Contact |
Chris McMillan |
Utah |
|
Program | Utah Housing Credit |
Administering Agency | Utah Housing Corporation |
Enacting Legislation | H.B. 170 |
Amending Legislation | Not Applicable |
Related Statutes and Documents | Utah Code Section 59-7-607, 2020 QAP |
Application | If applying for Housing Credits, Private Activity Bond volume cap or Olene Walker Housing Loan funds with Housing Credits, the Consolidated Application in Excel format must be used. To obtain an Excel Consolidated Application, call David Seely at (801) 902-8246 or email: [email protected] |
Application Process |
From the 2020 QAP 1. Projects that wish to use State Credit to reduce rents are required to first complete their Application without reliance on State Credits. Applicants will then complete the State Credit section to reduce rents. In effort to encourage the creation of units at or below 30% of area median income, UHC will award an additional amount of State Credits to those projects which reduce rents on up to ten (10) units to 30% area median income or below. The additional amount of State Credit will be up to 20% more than the amount of credit necessary to achieve the rent reduction on a one-to-one basis of debt reduction. Example: The application spreadsheet determines that a project requires $100,000 of State Credits in order to achieve rent reductions on ten (10) units. Ten (10) of these units will be reduced to 30% of area median income (not including the five (5) homeless units for which points were awarded). UHC will calculate the amount of credit necessary to reduce rents on those ten (10) to 30% of area median income. The project will be eligible for an award of State Credit in that amount, plus a boost of 20%, in addition to the State Credit required to reduce rents in other rent tiers. 2. Projects that will be financed with tax-exempt bond and 4% (non-competitive) Housing Credits may request State Credits in a credit equivalent amount of up to $500,000 for gap funding. The Applicant must commit a match of deferred developer fee. 3. In the event the set-aside of State Credits has been exhausted, UHC may, at its sole discretion, allocate State Credits over the State Credits set-aside to Application requests. 4. State Credits subsequently requested to fund financing shortfalls must demonstrate a dollar–for– dollar leveraging (including Developer fees) of the proceeds of State Credits with additional financial resources with finance terms at or below the applicable federal rates (AFR) published by the IRS. 5. The Applicant must demonstrate that other local, state, federal or private resources (including deferral of fees or Equity contributions by the Developer) have been approached and report the results of such efforts when applying for State Credits. 6. State Credits are not to be used to fund increases in Developer or any Related Party fees. |
Application Deadline(s) |
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Allocation Process/Priorities |
State Credit Pool I: UHC has set aside about 37 percent of its annual state credits ceiling amount for allocation to projects that combine federal and state credits. State Credit Pool II: UHC has set aside about 63 percent of its annual state credits ceiling amount for allocation to permanent supportive housing (PSH) projects only. No project may receive an allocation of more than 25 percent of the State Credit Pool II. Proposals are scored on the following criteria:
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Annual State CAP |
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Transaction CAP | Not Applicable |
Credit Description |
The tax credit shall be in an amount equal to the greater of the amount of: the federal low-income housing tax credit to which the taxpayer is allowed during that year multiplied by the percentage specified in an allocation certificate issued by the Utah Housing Corporation; or the tax credit specified in the special low-income housing tax credit certificate that the housing sponsor issues to the taxpayer as provided in Subsection (2)(c). *Utah low-income housing tax credits can only be used to offset Utah state income tax liabilities |
How To Claim the Credit | UHC will issue IRS Forms 8609 reporting the amount of credits allocated to a development following receipt of the final cost certification package in accordance with the QAP. Developments that enter into a carryover allocation, the development must be placed in service before the end of the second year after the year in which a reservation is made in order to claim the LIHTCs. |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) | 10 Years (50 Years) |
Recapture | Same as federal |
Other |
*Utah low-income housing tax credits can only be used to offset Utah state income tax liabilities |
Novogradac Contact | |
State Contact |
Robyn Cordova |
Vermont |
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Program | Vermont Affordable Housing Tax Credit |
Administering Agency | Vermont Housing Finance Agency |
Enacting Legislation | H.B. 671 |
Amending Legislation | H.B. 331 |
Related Statutes and Documents | 32 Vermont Statutes Section 5930u, 2020 Draft QAP |
Application | |
Application Process |
Request for state tax credits should be included with federal LIHTC application. Prior to submitting an application, the developer must meet with Vermont Housing Finance Agency staff, obtain site control and meet with other funding agencies. |
Application Deadline(s) | Applications can be sent in at any time, and are approved at monthly meetings of the Vermont Housing and Finance Authority Board of Commissioners. |
Allocation Process/Priorities |
The state will allocate credits according to the following allocation criteria: Top Tier:
Second Tier:
Other Priorities
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Annual State CAP | $400,000 |
Transaction CAP | $150,000 |
Credit Description |
A taxpayer who makes an eligible cash contribution shall be entitled to claim against the taxpayer’s individual income, corporate income, franchise tax or insurance premium tax a credit in an amount specified on the taxpayer’s credit certificate. |
How To Claim the Credit |
A taxpayer claiming affordable housing tax credits shall submit with each return on which such credit is claimed a copy of the allocating agency’s credit allocation to the affordable housing development and the taxpayer’s credit certificate. |
Bifurcated from Federal LIHTC? | Yes |
Credit Period (Compliance) |
5 years Compliance Period (same as federal) |
Recapture | Same as federal |
Other | |
Novogradac Contact | |
State Contact |
Seth Leonard |
Virginia (Proposed) |
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Program | |
Administering Agency | Virginia Housing Development Authority |
Enacting Legislation | H.B. 2050 |
Amending Legislation | |
Related Statutes and Documents | |
Application | |
Application Process | |
Application Deadline(s) | |
Allocation Process/Priorities | |
Annual State CAP | |
Transaction CAP | |
Credit Description | Credit equal to the federal LIHTC received by a development. For taxable years beginning on or after Jan. 1, 2021. |
How To Claim the Credit | |
Bifurcated from Federal LIHTC? | |
Credit Period (Compliance) | |
Recapture | Same as federal LIHTC. |
Other | |
Novogradac Contact | |
State Contact |
Wisconsin |
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Program | Wisconsin State Housing Tax Credit |
Administering Agency | Wisconsin Housing and Economic Development Agency |
Enacting Legislation | ACT 176 |
Amending Legislation | Not Applicable |
Related Statutes and Documents | Not Applicable |
Application |
Not Available |
Application Process | Not Available |
Application Deadline(s) |
2020 State HTC Application Submissions Due– HTC Online Application (LOLA) & State HTC LOLA Attachment & Paper Application Documentation Jan. 3, 2020- Jan. 17, 2020 |
Allocation Process/Priorities |
From the 2019-2020 Wisconsin QAP: Unlike the 9% tax credit program, there will be no credit set-asides within the $7 million of state HTCs available in 2019 and 2020. The items described below create a competitive application process for 4% federal and state HTCs. Those applications meeting threshold requirements will then receive an application score. WHEDA will allocate Wisconsin 2019-2020 Qualified Allocation Plan Page 19 state HTCs to the highest-scoring applications until a total of $7 million of awards have been made. WHEDA does not intend to make partial awards of state HTCs during this application round. |
Annual State CAP | $42 million |
Transaction CAP |
From the 2019-2020 Wisconsin QAP: No application may include a request for more than $1,400,000 of state HTCs (20% of the $7 million of state Housing Tax Credits to be allocated annually). Additionally, no member of the development team – applicant and/or co-applicant – may receive more than two awards of state HTCs in any year. There is no limit on the amount of federal 4% tax credits that may be requested. WHEDA intends to award state HTCs that are less than or equal to the federal HTC amount for each application. |
Credit Description |
From the 2019-2020 Wisconsin QAP: The Wisconsin Housing Tax Credit was designed to be complement to the federal 4% Housing Tax Credit (HTC), and follows the vast majority of rules that are currently in place for the federal tax credit program. However, there are some key differences between the state and federal programs: • The Wisconsin HTC will have a six-year credit period, versus the 10- year federal credit period • The Wisconsin HTC includes a preference for properties located in a city, town or village with a population of 150,000 or less • If a development consists of more than one building – for the state HTC, the development is placed in service in the taxable year in which the last building of the qualified development is placed in service. For the federal HTC – each building is assigned a specific placed-in-service date. • The HTC ceiling will be limited to $7 million per yearWHEDA is required to give preference to developments located in municipalities with populations less than 150,000 people. |
How To Claim the Credit | Policies and procedures established under the Act must, to the extent practicable, incorporate WHEDA’s policies and procedures for awarding tax credits through the similar federal tax credit program. |
Bifurcated from Federal LIHTC? | Not Available |
Credit Period (Compliance) | “Credit period”: the period of 6 taxable years beginning with the taxable year in which a qualified development is placed in service. For purposes of this subdivision, if a qualified development consists of more than one building, the qualified development is placed in service in the taxable year in which the last building of the qualified development is placed in service. |
Recapture | In the event that the recapture of any credit is required in any taxable year, the taxpayer shall include the recaptured proportion of the credit on the return submitted for the taxable year in which the recapture event is identified. |
Other |
Gov. Walker Signs State Tax Credit Legislation into Law, Wisconsin 2019-2020 QAP |
Novogradac Contact | |
State Contact |
Nathan Simms |
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