The Arizona Department of Housing (ADOH) has issued a recent update concerning one of its key funding instruments for rental development projects. An important amendment has been made to the State Fiscal Year 2024 (SFY24) Notice of Funding Availability (NOFA) for the 4% Low-Income Housing Tax Credit (LIHTC) with Workforce Housing Units. This original NOFA was first released on January 11, 2024 and then underwent a previous amendment on March 22, 2024.
This new alteration to the policy has implications for developers and stakeholders engaged in the creation of affordable rental housing that qualifies under the Workforce Housing Units criteria. The details of the amendment, posted on June 4, 2024, can be found on the ADOH's Open Funding Opportunities page. Interested parties are being directed towards the document to comprehend the scope and nature of these revisions, which may have a significant impact on the funding available for such projects throughout the state.
While specific details of the change were not disclosed in the bulletin, the ADOH made clear that the amendment was signifiant enough to warrant immediate dissemination to involved parties. Such updates are routine yet crucial parts of housing development policy, responding to the evolving needs and practical feedback from the field. Developers relying on this funding source are encouraged to review the alteration to the NOFA as soon as possible to adjust their project plans accordingly.
As Arizona grapples with affordable housing challenges, adjustments like these serve as a barometer for the state's commitment to addressing the housing needs of its workforce. State Housing Trust Funds (SHTF) play a critical role in enabling low-income families to find suitable living spaces—and changes to its funding framework warrant close attention from all stakeholders in the housing sector. The ADOH continues to serve as a conduit for such critical funding, revising its approach as necessary to align with the housing landscape of Arizona.
