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This serves as a friendly reminder that IHDA 9% LIHTC applications for the upcoming round are due in just two days. Additionally, the Multifamily Financing inbox is experiencing a high volume in inquiries, so please find below some helpful information and links in one place:
- All applications must include a third-party cost estimate, and in any case where the General Contractor estimate varies from the third-party estimate by more than 10%, a reconciliation must be provided. Projects that fail to include this could be deemed financially infeasible.
- Twinning applications must submit the full 9% application as well as supplemental documentation for the 4% transaction and Common Development Plan (CDP). Please read the Twinning guidance carefully.
- Note that in order to submit the supplemental 4% and CDP documents, you will need to include all mandatory submission documents in the IHDA Connect portal. Please allow yourself time to complete this upload.
- Keep in mind that projects will be scored on the CDP, not just the 9% transaction.
- You should receive an email confirmation once your application has been successfully submitted. Applications that are not successfully submitted will not be considered.
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As discussed at the application workshops, in an effort to reduce the time from LIHTC award to initial financial closing, IHDA intends to bring forward the LIHTC request as well as all IHDA subordinate resource requests at the July Board meeting. Projects will be required to close within 12 months (per page 61 of the QAP), or Sponsors may be ineligible to participate in a future funding round.
- Last, be sure to review the 2024 LIHTC Application Round Frequently Asked Questions below.
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