Successful preservation requires access to affordable financing. The Low Income Housing Tax Credit (Housing Credit) is a key resource for this, financing nearly 100,000 affordable apartments every year. Each state’s housing finance agency (HFA) is responsible for determining the selection criteria they will use in determining what kinds of developments receive an allocation of Housing Credits. These regulations are written annually in a Qualified Allocation Plan (QAP). By prioritizing preservation in the QAP, states can ensure that federal Housing Credits are used to preserve existing affordable housing and protect the families and seniors who live in it.
Each year, NHT submits written comments on each state’s draft QAP, reminding agencies of the benefits of preservation and encouraging each agency to prioritize preservation. (Our comments also include information on energy efficiency and access to opportunity, among other topics.) Once a QAP is formally adopted by the state’s governor, we review it in its final form and make the information contained within each state’s QAP publically searchable through PrezCat, NHT’s online catalog of state and local affordable housing preservation policies.
In addition to the federal Housing Credit, PrezCat contains valuable information on state Low Income Housing Tax Credits, state, city, and other local housing trust funds, multifamily utility programs, loan programs and a variety of other preservation financing programs.
For more information on how to target resources towards preservation in your community, please contact us.