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County staff review LIHTC project capital stacks, describe common obstacles for developers
Summary
Staff presented an overview of low-income housing tax-credit (LIHTC) projects that have closed in Buncombe County, explained recurring developer challenges (experience, competitive caps, deadlines, costs, insurance and braided funding), and summarized how county housing funds have typically contributed to recent projects.
Buncombe County staff on Oct. 8 summarized common challenges developers face when building projects that rely on low-income housing tax credits and reviewed recent capital stacks for county-funded projects.
Staff said recurring barriers include: the program's preference for experienced tax-credit developers; the competitive nature and volume caps affecting 9% credits; timing and deadline pressure once awards are made; complex layers of underwriting and…
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