Update: Over the past week, we have received numerous emails and phone calls about the COVID-19 pandemic causing delays in obtaining items necessary for full application submission. With that in mind, we offer the following update on the full application.
While the full application deadline remains noon on May 15, 2020, we are providing temporary relief for any required application document an Applicant is unable to obtain (including rezoning) by the full application deadline. This temporary relief does not include project plans which must be submitted in electronic and hard copy format by the May 15, 2020 noon deadline.
For any document not provided at full application, the Applicant must upload a statement indicating why the document is not being provided and a date by which it will be provided. All documents must be provided to the Agency no later than July 15, 2020. Failure in meeting this deadline will result in the application being removed from the competition. Future guidance will be given as to the process for providing required documents after application submission. We expect awards to be made in August but that is subject to change as circumstances with COVID-19 continue to evolve.
We appreciate your patience as we work to move forward with the 2020 cycle under these highly unusual circumstances. Please continue to keep us informed of any potential issues you encounter and reach out if you have questions or concerns. Please stay safe and healthy.
Housing Credit Application Process
Deadlines for the Housing Credit application process are spaced throughout the year. It is of paramount importance that applicants meet these deadlines. In addition to application deadlines, you will find the projected dates for various notifications below.
The following schedule will apply to the 2020 application process for 9 percent tax credits and the first round of tax-exempt bond volume with 4 percent tax credits.
January 24 - Deadline for submission of preliminary applications (noon).
March 16 - Market analysts will submit studies to the Agency and applicants.
March 27 - Notification of final site scores.
April 6 - Deadline for market-related project revisions (5 p.m.).
April 13 - Deadline for the Agency and applicant to receive the revised market study, if applicable.
May 15 - Deadline for full applications (noon).
August - Notification of Housing Credit awards.
Tax-Exempt Bond Process
In addition to the timeframe above, the North Carolina Housing Finance Agency will accept applications for tax-exempt bond volume with 4 percent tax credits any time between May 1 and October 1. Both new construction and rehabilitation projects will be eligible. Proposals for 9 percent tax credits will not be accepted at that time. When a preliminary application is submitted in this timeframe, a schedule of milestones will be provided to the applicant. The preliminary application submission date will determine when those milestones occur and will follow a timeframe similar to the schedule above. The Agency will work with the applicant to determine if the project will receive 2020 or 2021 volume cap. Full applications can be submitted no later than January 15, 2021.
Applications are submitted through our online housing tax credit application. The online application provides interactive checks that help ensure you meet all submission requirements. If you have an email address and password from a previous application cycle, you can use that to access the system and create new applications. Otherwise, you will need to register as a new user before creating applications.