On June 28, the Arizona Department of Housing announced that it had awarded Low Income Housing Tax Credit reservations to 13 rental projects comprised of 921 units in six counties across Arizona. Projects will be located in Phoenix (5), Tucson (2), Kingman (1), Flagstaff (1), Maricopa (1), Glendale (1), Hon-dah (1) and the Gu Achi District on the Tohono O’odham Reservation (1). The value of the tax credits reserved was over $191.7 million. As in past years, requests for tax credits far exceeded credits available, with 27 applicants requesting more than $420 million in credits.
The 2019 Qualified Allocation Plan allowed the Department to increase the number of people who will have access to housing, while maintaining options for Arizonans to live in apartments ranging from efficiencies designed for single persons to 5-bedroom homes intended for larger and extended families. The 2019 awards increased the imputed number of people served by 25.64% (604 people), when compared to 2018 awards. In addition, the amount of Tax Credits awarded as a percentage of the Total Development Cost was reduced from 8.93% to 8.18%.
Access the list of 2019 LIHTC Reservations for more information.
Comment on the 2020 Qualified Allocation Plan (QAP)
The Arizona Department of Housing is accepting comments for the 2020 QAP. While input will continue to be accepted through the end of the public process, written comments submitted to [email protected] before July 19, 2019 at 5:00 pm, will be considered when formulating the first draft of the QAP.
Housing Matters | Summer 2019