Community News // April 15, 2022
2023 – 2024 Low Income Housing Tax Credit Application Materials Available
At its meeting on March 22, 2022, the Washington County Board of Commissioners approved the Washington County Community Development Agency’s 2023 and 2024 Qualified Allocation Plan for the Housing Tax Credit Program. The program stimulates private capital investments in new construction, substantial rehabilitation, and preservation of affordable housing. In exchange for federal tax credits over ten years, a private company becomes an investor partner in the ownership of the development and provides equity to help construct the project. Since the program’s inception in 1986, housing tax credits have been used to produce or rehabilitate 2,875 affordable apartments in 41 development across Washington County.
2023-2024 Program Timeline
- March 15, 2022 – The Agency Board held a public hearing
- March 22, 2022 – County Board considers approval
- July 2022 – Competitive applications Due
- October 2022 – The Agency Board considers competitive tax credit awards