LIHTC - New construction homes / Only need to rent 20% to lower income at 50% of ami?

[Mike H.]

So I've been looking at this LIHTC stuff for a few years on and off. It always seemed like a huge headache and probably not meant for a little fish investor like myself.  That being said, I think there might be an opportunity for this program to be expanded as the the politicians seem to finally be understanding that they need to do something to fix the lack of supply of new construction homes and I'm thinking this program may end up being a part of their solution.

I've tried finding some real meat/details on the program but all I can seem to find is the broad strokes at a really high level. 

Here are some of my questions.
1) Does anyone know a good training program or information source that could actually answer some of the detailed questions? Private firm? or maybe some govt entity?
2) Am I right in understanding that you can qualify a project by setting aside 20% of the units to be rented to people earning less than 50% of the AMI? 
2b) If so, does that mean you can do anything you want with the other 80% of the units? Even sell them? Can you rent them out as STRs? Or do all the units somehow have to be rented to low income families in some way?

My thinking would be to create a project to build 20 sfh's.  And then rent out the 4 unites to people earning less than 50% of the ami (as opposed to the 40/60 scenario). And then rent out the remaining 16 units at market rent. Or, if possible, sell them (but I'm guessing that selling the units to owner occupants is probably not allowed and that they must remain rentals for the 30 year period). 

Looking at tennessee. And was wondering if anybody has ever tried to get a project done there. And, if so, what the project costs for creation of the documents needed to do the project might be.   And can you do it without having the land under contract and/or already acquired? I wouldnt' want to buy a 750k piece of land and then have no way to use it with this project.