TCA Survey of States: Housing Credit Reservations Are Brisk

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State allocating agencies are well along in committing their 2014 low-income housing tax credits and at least one-fifth have awarded at least some of their 2015 credits as well, according to responses to an early May survey by Tax Credit Advisor.

Forty-eight state housing credit agencies and the city of Chicago responded. (See pp. 14-15 for state-by-state information from survey responses.)


2014 Credit Activity

As of the date of their survey response, most of the agencies had held the last of their application deadlines for their competitive (9%) 2014 housing credits. About 21 had additional deadlines in calendar 2014 – firm or anticipated – for remaining 2014 credits and/or 2015 credits.

Fourteen states reported awarding all of their 2014 housing tax credits: Colorado, Connecticut, Idaho, Kansas, Maine, Maryland, Massachusetts, Montana, New Jersey, New Mexico, New York, South Dakota, Utah, and Vermont. The amount of 2014 credits they had committed ranged up to a high of $45.2 million by New York.

An additional eight states had awarded nearly all of their 2014 housing credits, while 10 states had not yet reserved any. Among the biggest pots left in the latter group are California ($88.1 million) and Texas ($59.9 million). Texas’ deadline for full applications for 2014 credits was March 1, while California already had one deadline earlier this year. The second is scheduled for July 1.

Florida, which has awarded nearly $12.6 million in 2014 credits so far, still has $32.5 million left.

Collectively, the 49 responding agencies have awarded more than $336 million, or 48.6% of their 2014 credits, for more than 405 projects containing at least 22,398 total units. Of these, 21,110 are low-income units.

2015 Credit Activity

Fourteen state agencies reported that they have already reserved at least some of their 2015 housing credits. Collectively these awards totaled $93.6 million for 96 projects containing more than 4,408 total units (4,068 low-income).

The amount of 2015 credits awarded so far range from a high of $25 million by New York to a low of $301,293 by Utah.

Other states that have awarded 2015 credits are Connecticut, Idaho, Kansas, Kentucky, Maryland, Massachusetts, Mississippi, New Jersey, New Mexico, Pennsylvania, South Dakota, and Vermont.

The survey also asked state housing credit agencies about their requirements for market studies for proposed LIHTC projects applying for housing tax credits, including whether they require a study, who can or must prepare it, and whether they have adopted the model content standards of the National Council of Housing Market Analysts. (See pp. 44-45 for state-by-state survey responses.)