Vermont Housing Finance Agency (VHFA) is seeking feedback and comments on the Qualified Allocation Plan (QAP) that guides the agency in making housing tax credit allocation decisions. The Agency has now opened the initial comment period and will close the period at 4:30 pm on Tuesday, August 13, 2024. VHFA also will host a QAP public comment meeting this summer (additional details will follow).
The Federal Low-Income Housing Tax Credit (LIHTC) Program, which is governed by Section 42 of the Internal Revenue Code, requires that each tax credit allocating agency maintain a QAP that sets eligibility and criteria for awarding state and federal tax credits to developers of affordable housing. The QAP is a compilation of IRS mandates, national best practices, and state housing priorities. The current 2024-2025 QAP is available on VHFA’s website: https://www.vhfa.org/rentalhousing/qualified-allocation-plan-qap.
In Vermont, VHFA convenes the Joint Committee on Tax Credits, which solicits public feedback, reviews the policies in the QAP, and makes recommendations to the VHFA Board of Commissioners. The Board votes to adopt the plan and sends the plan to the Governor for approval.
To arrive at recommendations for updates to criteria and policies in the QAP, VHFA staff facilitate public comment prior to presenting a recommended QAP. VHFA will then review comments and draft an update to the QAP. VHFA staff expects the draft version of the 2026-2027 QAP to be available for public comment starting in October 2024. Then, VHFA staff expects to make recommendations to the Joint Committee on Tax Credits in late 2024 as a result of this update process. The Agency's goal is to have the QAP approved a year in advance of 2026 applications to ensure potential applicants have time to consider any updates in planning 2026 projects.
Comments on the QAP can be submitted via VHFA’s website at this link: https://vhfa.org/rentalhousing/qualified-allocation-plan-qap/qap-commen…. Comments can also be emailed to [email protected].