Housing Tax Credit & Qualified Allocation Plan

Overview of Housing Tax Credit (HTC) Program

The Housing Tax Credit program (aka low-income housing tax credit (LIHTC) program), created in 1986 and made permanent in 1993, is an indirect federal subsidy used to finance the construction and rehabilitation of low-income affordable rental housing. Washington lawmakers created this as an incentive for private developers and investors to provide more low-income housing. Without the incentive, affordable rental housing projects do not generate sufficient profit to warrant the investment.

Overview of Qualified Allocation Plan (QAP)

The federal Housing Tax Credit program requires each state agency that allocates tax credits, generally called a housing finance agency, to have a Qualified Allocation Plan (QAP). The QAP sets out the state’s eligibility priorities and criteria for awarding federal tax credits to housing properties.

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