MEMORANDUM NO. 04-12-04
TO: Housing Tax Credit Owners, Managers and Interested Parties
FROM: Mel Placek, Director
Asset Management & Compliance
SUBJECT: Year 15 Plan and Application
DATE: December 20, 2004
At the December 8, 2004, South Dakota Housing Development Authority (SDHDA) Board of Commissioners (Board) meeting, the Board adopted the Housing Tax Credit Year 15 Plan and Application (Plan). The Plan highlights changes in the compliance monitoring that will occur after the fifteenth year of the Housing Tax Credit (HTC) compliance period and the application and submission requirements for the Qualified Contract process.
Owners of HTC developments entering the fourteenth year of their compliance period are eligible to begin the Qualified Contract process, requesting SDHDA to find a purchaser of their HTC development. In order to efficiently utilize this process, SDHDA is also seeking parties that may be interested in purchasing such developments. SDHDA will have a one year period in which to find a qualified purchaser. Owners intending to remain in the HTC program through their Extended Use Period will discover that compliance requirements have been significantly simplified.
Copies of the Housing Tax Credit Year 15 Plan and Application are available at www.sdhda.org, under the Housing Tax Credit Program link. Copies may also be obtained by contacting our office at the address and phone number above.
If you have any questions regarding the Plan or are interested in being added to the Year 15 Purchasers List, please contact Julie Anderson at 605-773-2461 or Lorraine Polak at 605-773-3108.
MP:lp