Additionally, the Multifamily Finance Division has posted the 2023 Supplemental 9% Credit Notice of Intent Form and Request Form on the Department’s website at https://www.tdhca.state.tx.us/multifamily/housing-tax-credits-9pct/index.htm. Please note the submission of the Notice of Intent Form is required pursuant to Section 11.1005(a) of the 2023 Qualified Allocation Plan (QAP) as part of the process of requesting a Supplemental Allocation. Those planning to request an allocation of Supplemental Credits should familiarize themselves with all requirements of Subchapter F of the 2023 QAP relating to Supplemental Credits. Please refer to the 2023 QAP for additional information and deadlines. Pursuant to Section 11.1003(b) of the Qualified Allocation Plan, the maximum Supplemental Request Limit for any given Development will be 15%, and any Supplemental Allocation of credits awarded will carry a designated, elevated value of $2.00 for every $1.00 Supplemental Allocation awarded when calculating the $3 million maximum for all 2023 Applications. This email serves as the announcement and determination of these amounts in accordance with 10 TAC 11.4(a) and 10 TAC 11.1003(b).
Lastly, the Multifamily Finance Division has posted the Draft 2023 Initial Ceiling Summary on the Department’s website at https://www.tdhca.state.tx.us/multifamily/apply-for-funds.htm. The summary reflects the estimated Competitive Housing Tax Credit Ceiling that the Department expects to have available for allocation during the 2023 cycle. This initial ceiling has been estimated using the 2023 cap rate of $2.75 (IRS Rev. Proc. 2022-38). At this time, the 2023 cap rate has been used in conjunction with the 2022 population figures provided by the IRS. The population figures will be updated upon publication of the 2023 IRS population figures. Additionally, the Elderly Funding Limits have been calculated using the 2022 HISTA data, which will be updated using 2023 HISTA data once received by the Department. The 2023 Estimated Allocation, Sub-Regional Request, and Elderly Funding Limits will continue to be updated as credits are returned during the year.
If you have questions about the 2023 QAP or other posted documents, please contact Colin Nickells, Competitive Housing Tax Credit Manager, at email@example.com.