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How to Use the Tax Credit Opt-Out
- Review both the Compliance Policy for Extended Use Period and the Compliance Policy for Opt-Out Provision. This information will help you determine the property's eligibility, and outlines compliance guidelines.
- If your property is not eligible for opt-out, or it is and you choose to remain in the program, follow the guidelines detailed in the Compliance Policy for Extended Use Period.
- If your property is eligible for opt-out, the first step in the process is to request a Qualified Contract by submitting a Qualified Contract Notification Letter and application materials to WHEDA.
- Upon receipt, WHEDA will review the submission and notify you within 15 days either that the requirement has been met or that the submission materials are incomplete.
- Once the notification application is complete, WHEDA has one year to find a buyer for the property. The one-year period begins as soon as all the required documentation is received by WHEDA.
- Before WHEDA will commence marketing a property, you must complete the Calculation of Qualified Contract price, which will establish the minimum price at which WHEDA will market the property and present an offer for its purchase.
- You must agree to list the property for sale with a broker who works with affordable housing properties and cooperate with WHEDA's marketing efforts.
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