Projects located in counties designated as Difficult to Develop Areas are eligible to receive a 130% boost in the calculation of eligible basis. Pursuant to the authority granted by the federal Housing and Economic Recovery Act of 2008, HCR will consider granting Difficult to Develop Area status to proposed projects or projects previously awarded financing based upon demonstrated need.
In order to be considered for DDA status, project sponsors must submit a written request to HCR. Requests must include a narrative describing:
1) the proposed project;
2) identifying all members of the development team; and
3) providing an explanation of why DDA status is necessary in order for their project to move forward and if the project will have a financing gap without the associated boost in basis.
Requests must also include development, operating budgets, affordability and rent plans, and tax credit application exhibits (exhibits 9 and 10 from the UF application) that support the request for DDA status. Please note, HCR's per project and per unit LIHC limits will still apply to all projects being considered for DDA status.
Requests should be sent to Arnon Adler, LIHC Program Manager:
Arnon Adler (aadler@nyshcr.org)
(518) 486-5044
Last updated on 3/23/2011