May 31, 2023, Deadline for Developers to Submit Funding Increase Requests
ADFA is seeking to establish a deadline for HOME/NHTF funding increase requests for developers that are seeking additional federal funding for previously awarded LIHTC applicants.
Hard cost tax credit increases were provided to developers in 2021 and 2022 for projects that received LIHTC in 2019, 2020, and 2021.
Additionally, several developers requested and received an increase in HOME and/or NHTF funding in 2022 and 2023 for projects that received LIHTC in 2019, 2020, and 2021.
ADFA is implementing a May 31, 2023, deadline for developers to submit funding increase requests for projects that received funding in 2019, 2020, 2021, and 2022.
Moving forward, ADFA will not accept additional funding requests for applications received in 2023, as the applications should reflect the current development costs and current interest rates. The projects will also be expected to start and placed-in-service by the agreed-upon terms—without extension requests.