Low-Income Housing Tax Credit Program
For questions or more information, please contact
Mark Licea
Administration Officer
702-486-5980
Public Meetings and Agendas
Nevada Housing Division administers the
Low Income Housing Tax Credit (LIHTC) program and is required as the state’s
housing credit agency, to adopt a Plan describing the process for the
allocation of housing credits. Section
42 of the Internal Revenue Code (IRC or the Code) is the federal statute
establishing the tax credit program. In
accordance with Section 42, each state allocating agency must have a Qualified
Allocation Plan (QAP or Plan) which:
- Sets forth selection criteria to be
used to determine housing priorities
- Gives preference among selected
projects to:
- Projects serving low income
- Projects obligated to serve qualified
tenants for the longest periods
- Includes the following selection
criteria:
- Project location
- Housing needs characteristics
- Project characteristics
- Applicant characteristics
- Tenant populations with special housing
needs
- Tenant populations of individuals with
children
- Projects intended for eventual tenant
ownership
- The energy efficiency of projects
- Projects of a historic nature
In 1975, the Nevada Legislature determined
that there was a shortage of safe, decent, and sanitary housing throughout the
State for persons and families of low and moderate income. To address this Statewide deficiency, and to
ensure that there would be sufficient safe, decent and sanitary housing for
persons and families of low and moderate income, the Legislature enacted
Chapter 319 of Nevada Revised Statutes (NRS) Chapter 319, “Assistance to
Finance Housing”, establishing and granting powers to the Nevada Housing Division
(the “Division” or “NHD”). Thereafter,
the Division’s implementing regulations were enacted as Chapter 319 of the
Nevada Administrative Code (“NAC”).
With respect to the Nevada LIHTC program,
NRS Chapter 319 and NAC Chapter 319 implement, and are used in concert with,
IRC Section 42.
There are 2 methods of obtaining a Tax Credit
allocation under a QAP: 1) through the competitive application process;
and 2) tax-exempt bond financing.