Beginning in the end of August, the Department will hold a series of Virtual Listening Sessions to provide an overview of the last Round and State Housing Needs Assessment, solicit additional comments, and engage in a dialogue regarding revisions to the Qualified Allocation Plan and Multifamily Rental Financing Program Guide. Below are the dates and times of the Regional Listening Sessions. Please feel free to attend as many of the meetings as you wish.
Tuesday, August 31st at 10 AM
Video call link: https://meet.google.com/fcr-dcst-obnOr dial: (US) +1 914-893-6020 PIN: 351 724 690#
Wednesday, September 1st at 12:30 PM
Video call link: https://meet.google.com/wnc-voya-kcjOr dial: (US) +1 574-404-3918 PIN: 330 546 342#
Tuesday, September 7th at 6 PM
Video call link: https://meet.google.com/mgz-hvci-vsxOr dial: (US) +1 318-598-1226 PIN: 606 692 786#
The Low Income Housing Tax Credit program is the nation’s largest financing program for the development of affordable housing. The program allocates millions of dollars each year to every state for development of housing that is affordable to people with income between 30% and 60% of area median. States allocate the funds to affordable housing developers through a competitive proposal process that is governed by the state-approved Qualified Allocation Plan (QAP). The QAP includes points that a proposal can earn for meeting certain objectives. These objectives are often related to initiatives that are important to the State. For example, proposals can receive points for setting units aside for people with disabilities, for locating the project in a Community of Opportunity, and for meeting energy efficiency requirements. Developers whose proposals receive the most points are funded. These developers sell the tax credits to financers, who then get a tax credit on the money they provide for development of the housing for 15 years. Through this process, the developer gets funding to build housing and the financer gets tax benefits. Developers typically combine many different types of funds, including the tax credit funds, to create affordable multi-family communities. People who rent the units must meet the income requirements.
The Maryland Department of Housing and Community Development (DHCD) administers the Low Income Housing Tax Credit program in Maryland. DHCD is in the early stages of revising the Qualified Allocation Plan. The announcement below provides additional information about the Low Income Housing Tax Credit program as well as dates for upcoming listening sessions. These sessions are open to anyone who wishes to attend.