State Agencies Move Along on 2015 Housing Credit Programs

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State allocating agencies are well along, for the most part, in finalizing qualified allocation plans for their 2015 low-income housing tax credit programs. Many have already awarded or committed at least some of their anticipated 2015 housing tax credits, according to responses received during October 28 to November 13 to a survey by Tax Credit Advisor. Forty-eight states and the City of Chicago responded. (See chart with state-by-state survey responses.)

In 28 states, the 2015 qualified allocation plan (QAP) has already been signed by the governor, or at least approved by the agency’s board. A few states have QAPs that cover more than one year, such as 2014-2015. Another nine state agencies noted that they have issued a draft QAP for public comment. Only a handful of states indicated that they had not yet begun preparing a draft 2015 QAP. A few states noted that they were not revising their QAPs for 2015 but rather continuing to use their current plan.

State agencies also reported their application deadlines for 2015 housing credits. A number of states, including Alaska, Indiana, Maine, Missouri, Montana, and New Hampshire, have already held their application deadline for 2015 housing credits. The state agencies were about equally divided between holding one application round for their 2015 credits or multiple rounds. Several plan to award at least some anticipated 2016 housing credits during rounds held in 2015.

Twenty states reported that they have already awarded or forward committed at least a portion of their 2015 housing credits, ranging from $81,000 (Nebraska) to $45.1 million (New York State).

Only five states indicated that they have already awarded all of their 2015 credits: Colorado, Kansas, Massachusetts, Mississippi, and Vermont. New Jersey and New York State have awarded nearly all of their 2015 credits.

Four states reported that they have already awarded or committed 2016 housing credits: Kansas ($996,023), Massachusetts (all 2016 credits), New York State ($14.5 million), and Vermont ($98,000).

The exact amount of 2015 per capita housing tax credits that each state has won’t be known until the IRS transmits new official state population estimates, probably in the first quarter of 2015.