Housing Credit Program

 

Request For Mayoral Endorsement

Louisville Metro Government’s 2012 allocations of the HUD entitlements which serve as our rental development funding sources - HOME and CDBG - were reduced by approximately 30% and 10% respectively.

The Department of Community Services and Revitalization does not anticipate having any rental development funds available until fiscal year 2013 (July 2012).

When the fiscal year 2013 budget has been approved, the Department will publicize our funds available and application process through our website at http://www.louisvilleky.gov.

If your project includes multi-family rental properties built before 1978, please contact the Lead Safe Louisville Project at (502) 574-4377. Staff will be happy to speak with you about possible funding.


Requests for Mayoral Letters of Support

Louisville Metro Department of Community Services and Revitalization (CSR), Community Revitalization division advises Mayor Fischer of each Housing Credit Program application and makes a recommendation regarding letters of support. Prior to considering the endorsement of any specific development, CSR performs a thorough review and analysis.

Factors considered during the review process include:

  • Satisfactory resolution of any issues or concerns identified
  • Experience of the Development Team
  • Consistency with Metro Plans and Local Zoning
  • Proximity to Other City Redevelopment Efforts
  • Adaptive Re-Use, Historic Preservation, and Blight Elimination
  • Market Analysis
  • Proximity to Public Transportation and Neighborhood Amenities

PLEASE NOTE: The development team must be in good standing with Louisville Metro Government

CSR will not consider recommendation of a project for endorsement if:

  • Development Team members have delinquent property taxes 
  • Development Team members have unpaid building/housing code citations or liens 
  • Development Team members have real property classified as Abandoned Urban Property (AUP)
  • Development Team members are not in good standing with Louisville/Jefferson County agencies including Metro Revenue Commission
  • Development Team members have been federally debarred/appear on the Federal Excluded Parties List System (EPLS)

Memebers of the Development Team must disclose all ownership (in whole or in part) of all real property
owned and located within Jefferson County. Applicants will be notified of any potential issues or concerns by Friday March 23, 2012. Applicants must demonstrate satisfactory resolution of any issues or concerns no later than Friday, March 30, 2012 to be considered for endorsement.


Application, Timeline, and Contacts

For the 2013 round of tax credits, the following are due to Metro no later than Monday, March 19, 2012:

  1. Completed Mayoral Endorsement Workbook
  2.  All applicable attachments

  2013 Mayoral Endorsement Application

Contact Jeremy Dyer, (502) 574-1464 for application and submission information.

Applications received after March 19, 2012 may not be considered.

Timeline

Monday, March 19 Applications due to CSR

Friday, March 23 CSR will communicate disqualifying issues to applicants

Friday, March 30 Issue resolution deadline

Monday, April 2 Endorsement letters available

Monday, April 9 Applications due to KHC

Questions may be directed to Jeremy Dyer, (502) 574-1464

To receive an acknowledgment of site control of Metro Landbank owned property/lots, applicants must obtain a separate letter specifically identifying parcel locations prior to submitting their request. For information on Metro Landbank property, contact Paul Mastrolia at (502) 574-2321.

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Housing Tax Credit Program

The Kentucky Housing Corporation (KHC) is the designated administrator of the federal Low Income Housing Tax Credit Program (Housing Credit) for Kentucky. The Housing Credit Program is a financing mechanism widely utilized to help fund the development of permanent, affordable rental housing throughout the United States. The program uses federal investment tax credits for specifically approved housing developments.

Section 42 of the Internal Revenue Code requires each state-allocating agency (KHC) to adopt an allocation plan that sets forth certain selection criteria to be used in determining priorities that include the following:

· Serving the lowest-income tenants

· Serving qualified tenants for the longest periods

· Contributing to a concerted community revitalization development plan

Federal requirements state that proposed projects must be a residential rental property, commit to low-income occupancy threshold requirements, and restrict rents - including utility charges - in low-income units.