Qualified Contract

Nebraska Investment Finance Authority (NIFA) has been designated to serve as the housing credit agency for the state of Nebraska and shall perform all responsibilities of a housing credit agency pursuant to Section 42 of the Internal Revenue Code (Code). Tax Credit developments allocated federal low-income housing tax credits in 1990 and thereafter may be eligible to make a qualified contract request to NIFA in 2005 and beyond. This can occur, for projects that have not waived the right to a Qualified Contract, at the Development Owner’s election, any time after year 14 in a 30-year Land Use Restriction Agreement (extended use agreement or “LURA”) or after year 29 in a 45-year LURA.