QAP AND LITC TRAINING

HMFA’s Tax credit staff hosted a successful QAP workshop at the Trenton Marriott on March 5, 2009 that was attended by over 175 people.  The workshop introduced the 2009 changes to industry professionals.  Debra Urban, Director of the Tax Credit Division of HMFA, highlighted the tax credit provisions of the recently enacted American Recovery and Reinvestment Act of 2009.  DCA Commissioner Doria spoke about the changes made to the QAP this year to prioritize shovel ready projects.  Some new information was introduced regarding the Tax Credit Assistance Program (TCAP), Monetization/Exchange Program, and the Reduction in Equity Market (REM). 

The Federal Low Income Housing Tax Credit Program enjoys the reputation of being the most successful federal housing program in history. The credit, a dollar for dollar reduction in federal tax liability, acts as a catalyst to attract private investment into the historically underserved affordable housing market. The additional capital mitigates the debt burden incurred in the construction and rehabilitation development process. Consequently, less rental income is necessary for operations.

On April 21 -22, 2009 the HMFA Tax Credit staff also sponsored a successful Compliance Monitoring and Fair Housing Workshop. This event was attended by Owners, Managing Agents and On-Site Staff.  The Conference Speaker was Scott Michael Dunn of Compliance Solutions. Attendance was overwhelming at both events