To apply for housing tax credits, applicants must submit the HOME-HTC Application and supporting documents to the SDHDA office in Pierre by 5 p.m. CT on the last working day of February for the annual application round. Electronic submission of an application will not be accepted. SDHDA may hold additional application rounds if available tax credits remain. Housing tax credits are reserved and allocated statewide and on a competitive basis as outlined in the HTC Qualified Allocation Plan.
Attention 2013 Housing Tax Credit Applicants
South Dakota Housing Development Authority has $2,783,888 Housing Tax Credits (HTCs) available for the 2013 application round.
The individual project limit is $556,778
The developer limit is $685,972
The non-profit set aside is $278,389
In early January 2013, Congress passed the American Taxpayer Relief Act of 2012. This bill extends the 9% LIHTC floor for LIHTC allocations made before January 1, 2014. Therefore if your project has 2012 or 2013 housing tax credits and you complete a carryover allocation or receive IRS Form(s) 8609 for your project by December 31, 2013, you should retain the 9% tax credit rate.
SDHDA forward allocates housing tax credits. Therefore, the tax credits you are requesting with the 2013 application will be 2014 housing tax credits and are not eligible for the guaranteed 9% rate. SDHDA recommends that you submit your 2013 application using the federally published housing tax credit rate(s). The January 2013 70% PVC rate is 7.36% and 30% PVC rate is 3.16%.
The Section 811 program awards have not been announced as of January 9, 2013. Be sure to submit your applications on the assumption that SDHDA will receive funding for this program.