Does the criteria under Section VI(D)(12)(b) allow a weaker commitment from the allocating agency for LIHTCs to be used in future phases?
No. The Sections VI(D)(12)(a) and VI(D)(12)(b) require the same level of documented evidence in order for the proposed tax credit equity to be counted toward the leverage ratio. If an applicant does not have proper documentation (reservation letter from their state or local housing finance agency) for LIHTC equity commitments proposed in their revitalization plan, then those equity amounts, regardless of phase, will not be considered in the point calculations under rating factor Section VI(H)(1) (Development Leveraging). 17. What kind of documentation is required for Tax Exempt Bond Financing and 4% Low Income Housing Tax Credits in order to receive points for physical development leverage. Also, what is required in terms of documentation of debt financing? Applicants should review Section VI(C) for information on how to properly document tax exempt bonds and other resources (debt financing) to be considered toward the calculation of physical development resources under Section VI(H)(1
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