News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
HFAs Sound Off
Donna Kimura / AFFORDABLE HOUSING FINANCE / May 30, 2013
Affordable Housing Finance asked housing finance agency executives about changes to their low-income housing tax credit qualified allocation plans and how they overcame recent challenges at their agencies.
What’s a recent challenge your agency has faced, and how did you overcome it?
Steve Auger, executive director, Florida Housing Finance Corp. Florida Housing has simplified the competitive application process by moving away from the application rules we have used in the past. Beginning this year, we are issuing Requests for Proposals (RFPs) and/or Requests for Applications to allocate available funding to affordable developments. This new process allows us to address the unique and diverse housing needs in our state by establishing specific competitive processes that focus on these needs. Our first two RFPs using this new process have been issued, and we anticipate issuing five more later this year.
Enlarge Dianne Bolen, executive director, Mississippi Home Corp. One of the recent challenges MHC faced was expediting development in the Health Care Zones (HCZs). By amending the 2012 qualified allocation plan (QAP), we were able to forward-commit 2014 and 2015 credit authority to fund developments on the 2012 waiting list. By developing the amendment and reviewing the already-submitted applications that fell in the HCZs, we were able to make awards in 45 days that will yield 1,000 units of affordable housing in HCZs and help increase economic stability in otherwise underserved areas of the state.