Qualified Census Tract Affordable Housing Program - Metropolitan & Primary

A QCT is a qualified census tract as defined in 26 42(d)(5)(B)(ii)(I), as such section existed on January 1, 2022. A map of QCTs can be found below. The Department of Economic Development (DED) is requiring that the QCT Affordable Housing Program funding be geared towards affordable housing with a 20-year affordability period. All grant funds must be obligated by December 31, 2024, and all grant funds expended by December 31, 2026. Projects which fall under one of the following categories will be considered for funding: Jump Start Fund: Rental and homebuyer projects including single and multi-family new construction and conversion are eligible under this funding category. This funding category is intended for shovel-ready projects that will break ground within 6 months of award. Projects Eligible projects must demonstrate a gap in funding that will be met with the QCT Affordable Housing Program’s funding. Projects in this category should be able to robustly demonstrate readiness, including site selection, committed financing and/or other leveraged funding sources, construction plans and/or bids, proposed project timeline, and any other relevant known information. Applicants should justify why the QCT Affordable Housing Program funding is needed. Priority will be given to projects that can break ground within 6 months of award and organizations with a strong track record of completing projects on schedule. LIHTC projects that have already received a commitment from NIFA but are now experiencing gaps due to increased financing costs are eligible to apply. Only LIHTC projects from the 2022 and later cycles will be considered in this funding category. Site Prep Fund: Organizations seeking to prepare land for future rental and homebuyer projects including single and multi-family new construction and conversion can apply for a grant for site preparation. Eligible costs include acquisition of vacant improvements, and other land preparation activities necessary to make the site pad-ready for future affordable housing developments. A restrictive covenant will be placed on the land to ensure that the site will be used for future affordable housing developments. Organizations may apply for funding for one or more sites. Applicant does not need to have site control at time of application, but site control may demonstrate additional project readiness and increase competitiveness of application. If site(s) are known at time of application, applicant should complete and attach a site review form with their application. If site(s) are not known at time of application, applicant is not required to complete a site review form, but applicant should include a detailed description of how potential sites will be chosen. A site review form will still be required once sites become known. DED must sign off on site review form before reimbursement for site acquisition and other eligible costs will be made to recipient organization.