Please note the following IHDA program updates for the 9% LIHTC program.
2016 9% LIHTC Awards:
All projects awarded 9% credits in 2016 must submit an updated firm commitment letter from a syndicator with pricing valid through June 30, 2017.
- Please submit updated firm commitment letter to your IHDA Development Officer by January 20, 2017.
- All sponsors must seek to maximize credit pricing. Based on individual markets/set asides, IHDA may require sponsors to further negotiate with syndicators to achieve higher credit pricing amounts.
- Failure to submit an updated firm commitment letter may negatively impact a project's ability to obtain subordinate financing resources.
- Updated firm commitment letters will be reviewed promptly for potential subordinate resource allocations. We anticipate presenting requests to the IHDA Board on February 17, 2017.
2017 9% LIHTC Applications:
- IHDA will have one 9% LIHTC application round in 2017 due on June 23, 2017.
- IHDA will accept applications for 2017 Round II PPAs due on March 3, 2017.
- The Developer Experience Certification review process will occur in late April, after PPA approvals.
- Guidance for subordinate resource requests and credit pricing for 2017 LIHTC applications will be provided in late March 2017, after IHDA receives updated firm commitment letters from the 2016 awards and presents subordinate resource allocation requests to the IHDA Board for approval.
IHDA reserves the right to amend this guidance at any time in its sole discretion.