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DHCD Accepting Requests for 130% Basis Boost Designation to Low Income Housing Tax Credit Projects

Monday, July 19, 2010
Under HERA, LIHTC allocating agencies can extend the extra 30% basis boost to buildings they designate as requiring the increase to be financially feasible. Requests must be submitted no later than September 30, 2010, at 4:45 pm.

(Washington, DC) Section 3003 of the Housing and Economic Recovery Act (“HERA”) of 2008 authorized Low Income Housing Tax Credit allocating Agencies to extend the extra 30%  basis boost to buildings that they designate as requiring an increase in the credit amount to be financially feasible, effective for buildings placed in service after date of enactment.
Under HERA, buildings in Difficult to Develop Areas (“DDA”) or Qualified Census Tracts (“QCT”) that already qualify for additional state designated increase will not qualify for an additional state designated increase if they have already received the 130% increase.

All projects awarded credits through the 2009 District of Columbia tax credit round are eligible to receive the 130% eligible basis increase under HERA. Approval of this increase will be made on a case by case basis at the sole discretion of DHCD upon a written request from the Applicant. Preference will be given to Preservation projects with high acquisition costs. DHCD reserves the right to award the increase in credits from its tax credit ceiling of 2010 and 2011.

All requests must be submitted no later than 4:45 pm, September 30, 2010 to:

The District of Columbia
Department of Housing and Community Development
Portfolio Management Division
1800 Martin Luther King Jr. Avenue SE
Washington DC 20020
Attention: Georgette Benson, Asset Manager