BOISE - Idaho affordable housing developers have until Sept. 15 to submit competitive applications for more than $1.3 million in 2004 Housing Tax Credit funds, the Idaho Housing and Finance Association announced. The Housing Tax Credit provides an incentive to developers of affordable rental housing. The credit provides a dollar-for-dollar federal tax liability reduction for owners of newly constructed or substantially rehabilitated rental housing.

"This is the first round for 2004 tax credit applications," said IHFA Multifamily Finance manager Ernie Watkins. "Additional funds will be available after the first of the year, and the next round of applications will take place then. We are proud to be a partner in creating multifamily housing throughout the state using Tax Credits." Recipients of Housing Tax Credit allocations may claim the annual credit each year for 10 years.

In 2003, IHFA allocated more than $2.65 million in annual Housing Tax Credit funds, generating just over $19.1 million in equity to finance construction of 416 total units of rental housing. Of those, 388 (more than 93 percent) were designated for affordable housing.

Developers compete for credits under IHFA's Selection Criteria Point System described in the Allocation Plan. To receive a copy of the plan or an application, contact IHFA's Multifamily Financing Department, P.O. Box 7899, Boise, ID 83707-1899; call 1-877-219-2285, TDD 1-800-545-1833, or fax 208-424-7092. A copy is also available on the IHFA Web site at www.ihfa.org/multifamily_taxcredit.asp.