MSHDA published its new underwriting criteria for monetized credit and TCAP funded developments on Friday, April 17th. These new requirements will be used to evaluate developments that either turn back 07 and 08 LIHTC reservations or who are seeking 09 monetized and TCAP funding and all other developments, including direct lending developments being financed with [...]
MSHDA has published its ARRA Implementation Plan and conducted one public listening session to encourage developers to turn back their 07 and 08 LIHTC reservations in exhcange for monetized credits and TCAP funding. The listening session conducted on April 13th was well attending with a full room and at least 75 people calling in to [...]
Yesterday (March 25th), MSHDA senior staff announced its DRAFT American Recovery & Reinvestment Act Preliminary Implementation Plan. The Draft Implementation Plan is available on the MSHDA website at:http://www.michigan.gov/mshda/0,1607,7-141-5546-211383–,00.html. The Plan is broken down into 4 components - 9% Tax Credit Assistance Program; 9% Tax Credit Exchange Program; 4% Tax Credit Assistance Program; and Michigan Affordable [...]
MSHDA reported yesterday that Governor Granholm approved the 2009 Qualified Allocation Plan (QAP) presented to her by MSHDA in late February. You can find the approval letter and the approved QAP by linking to:
http://www.michigan.gov/mshda/0,1607,7-141-5587_5601-31750–,00.html
At its Board meeting in February, MSHDA approved Michigan’s Qualified Allocation Plan and sent it to the Governor for approval. The QAP awards lots of points for “hard commitment” deals and “green” developments. Additional points are awarded for seasoned developers. The QAP also has some built-in flexibility to deal with Stimulus funds authorized by Congress and the [...]
Below is a link to the recent Detroit Free Press editorial supporting the federal Low Income Housing Tax Credit Program.
http://www.freep.com/article/20090129/OPINION01/901290353/1069/OPINION/
Today, The Parmenter Group released its position paper outlining its proposal to immediately stimulate new private investment in the depressed affordable rental housing market. The proposal is designed to attract new investors and dramatically improve the equity investment in affordable rental housing through the purchase of Low Income Housing Tax Credits (“LIHTC”).
Mary Levine, CEO & President of [...]
MSHDA now has its NSP PowerPoint on its website - or get a copy here.
http://michigan.gov/documents/mshda/mshda_NSP_Powerpoint_Presentation_to_MCDA_259572_7.ppt
Training is coming in mid-Janauary with applications due in mid-February.
See link below to latest info on Shaun Donavan.
http://viewdc.blogspot.com/2008/12/donovan-chosen-as-hud-secretary-reports.html
MSHDA announced it will be seeking input on potential changes to its Qualified Allocation Plan (QAP) at information hearings to be held in Lansing and Detroit on 12/8/08. A Copy of the announcement and the QAP can be found at http://michigan.gov/mshda/0,1607,7-141–203825–,00.html
