NCSHA Revises Recommended Practices for LIHTC Underwriting, Allocations
By Caitlin Jones
1 min read
Tax Credit Advisor, February 2011: The National Council of State Housing Agencies (NCSHA) has issued revised recommended practices for low-income housing tax credit (LIHTC) underwriting and allocations by state housing credit agencies (HCAs).
NCSHA’s recommended practices were originally issued in 1993 and revised in 1998 and 2003. The recommended practices are voluntary standards that state HCAs are urged to incorporate in their LIHTC program standards and procedures for underwriting proposed projects seeking housing credits, and for deciding how much credit to allocate to projects. The latest set of so-called “best practices,” contained in a new report, was adopted recently by NCSHA’s Board of Directors.
“This was a pretty broad review of all of the [2003] recommended practices,” said NCSHA official Garth Rieman. “For some of them it really was a close look after more than 10 years.” He added, “We wanted to consider many of the suggestions that many people in the industry have put forward, either formally or informally, over the last few years, and to reflect recent legislation.”
