In July, Kansas Housing received 12 4% Low Income Housing Tax Credit (LIHTC) applications equating to over $206 million in Private Activity Bonds (PABs) for the final of three application rounds. Of the three applications awarded, the approved LIHTCs and PABs will build 114 new units and rehabilitate 223 existing affordable units.
Collectively, the three rounds are projected to provide approximately 1657 affordable units for Kansans, and over $239 million in PABs will be utilized. The 2023 Qualified Allocation plan states that 40% of the PABs will be for new construction and 40% for rehabilitation. KHRC awarded 59% of PABs to new construction applicants and 41% to rehabilitation projects.
The Kansas Affordable Housing Tax Credit Act was enacted by H.B. 2237 in 2022. All 4% and 9% LIHTC projects awarded in 2023 will receive Kansas Affordable Housing Tax Credits in addition to the federal LIHTCs as an equal match. With the additional resources provided by the state credit, Kansas Housing saw an increase in 4% LIHTC applications, particularly in the new construction set-aside.
The updated 4% LIHTC and PAB project list is available online.
Kansas Housing administers the state’s housing development programs and oversees the competitive application process.
Kansas Housing Resources Corporation (KHRC) is a self-supporting, nonprofit, public corporation committed to helping Kansans access the safe, affordable housing they need and the dignity they deserve. KHRC serves as the state’s housing finance agency (HFA), administering essential housing and community programs to serve Kansans.