New Hampshire Housing

Multi-Family Conference

May 8, 2014

Initial 15 year compliance period

1989 Reconciliation Act added the 15 year extended use period with an “opt out”

The intent to balance preservation with incentive for investors to have back end possibility

“Bona fide” qualified contract

Owners request to NHH

Unless you waived this right- LURA or other governing docs

Verify all Right of First Refusal

Properties Requirements

First Year commencement

Submitting the QCP

Description of property

Photographs

Financial operating statements

First year 8609’s

Annual partnership tax returns

Loan documents including Partnership Agreement

Physical Needs Assessment

Appraisal

Market Study

Phase I environmental (if necessary)

60 days review of submittal

60 days to validate the QCP

Once QCP has been approved commencement of the 1 year begins

Owner to hire a broker

Post summary data on our website

Cooperation with NHH on QCP, including additional project data

Provide access to the property for viewing

NHH’s only obligation is to present a QC price

No requirement in IRC 42 that prospective buyer actually purchase the property

“Bona Fide” offer declined by owner

No “Bona Fide” is presented

Three (3) year tenant protection period

Commencing on the termination of compliance period

Owner may not evict tenant (except for cause)

Increase gross rent except as permitted by Section 42