If a developer wants to build a rental project using Low-Income Housing Tax Credits, what steps should be followed?
First, the developer should obtain a copy of the QAP from the state allocating agency where the project will be built and become thoroughly familiar with its contents. Second, the developer should get a copy of the tax credit application and find out the date(s) for submittal. Third, if the developer, even an experienced developer, has never built a tax credit project, it is strongly recommended that an experienced consultant be retained to assist with the preparation of the application, project structuring, financing, and other matters unique to the tax credit program. CAHEC is ready to assist any developer with a LIHTC project right from the outset of the application process.
