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QCTSites Blog

SUBJECTIVITY WITH STATE QAP’S
9/24/2008 -- By kbach
With the recent housing bill (HR-3221) allowing the state Housing Finance Agencies (HFA) the ability to offer the 30% eligible basis boost to certain buildings at their discretion it seems as if there is too much subjectivity involved. For example, North Carolina’s 2009 Draft QAP states, "Establish standards for determining the Agency-designated increase in eligible basis. The Housing and Economic Recovery act (HR 3221) allows the Agency to designate projects as receiving an increase in eligible basis of up to 30%. Under the draft QAP, proposed projects with high land costs, extensive site preparation, or off-site costs would be considered for the boost". How do they expect developers to underwrite their deal with the possibility of achieving the boost? How is one to obtain a commitment letter on that assumption? Thoughts?
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Apply a thirty percent (30%) eligible basis boost by virtue of a Qualified Census Tract (QCT) or a Difficult to Develop Area (DDA).

Are you an LIHTC developer? QCTSites increases your bottom line by replenishing your most precious resources - your time and money.

Site selection is imperative to the viability of any LIHTC development. Several hours of research are spent internally investigating each Qualified Allocation Plan (QAP) relative to scoring, past allocations, market feasibility, etc. in identifying successful locations.

QCTSites.com is a database consisting of only QCT/DDA LIHTC real estate listings including:

  • Vacant land for new construction
  • Historic structures or similar, appropriate for residential development
  • Existing apartment communities (including 10-year rule)
  • New Market Tax Credit development opportunities

Each listing in our database includes the pertinent information required to quantify a financially and developmentally feasible transaction.

This information includes:

  • Market Survey
  • Site plan or survey/plat
  • Selection criteria self score
  • Utility allowances
  • Demographic information
  • Applicable mapping services including nearby amenities
  • Municipal contact information
  • Zoning information
  • Applicable site development fees (i.e. building permit fees, water/sewer tap fees, etc.)
  • Financial incentives available (i.e. tax abatement, enterprise zone, etc.)
  • Site characteristics
Featured QCT/DDA/LIHTC Listings
Historic Building, 10-Year Ownership & Community Revitalization Area
Historic Buildings, DDA
Shelby, North Carolina
28,000 SqFt
CB, Central Business-allows for multi family residential on all floors
High Demand for Affordable Housing - Historic Hotel
Historic Buildings, DDA
Kingfield, Maine
22,500 SqFt
CBD, variance required for multi-family.
Disaster Credits Eligible with TIF Funds and Voucher Conversions
Vacant Land, QCT
Quincy, Illinois
1.89 Acres
D-2, Downtown Commercial, which allows for multifmaily

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Live QCT/DDA/LIHTC Statistics

134 Total Available Listings

24 Available
Historic Buildings
18 Available
DDA
103 Available
Vacant Land
9 Available
Non-QCT/DDA
7 Available
Apartments
107 Available
QCT

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