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Focus On Real Estate: Affordable Housing Update

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On May 4th, the Department of Housing and Urban Development (HUD) and Treasury Department released much anticipated guidance on the Tax Credit Assistance Program (TCAP) and Exchange Programs created by the American Reinvestment and Recovery Act of 2009, signed by President Obama on February 17, 2009.
May 5, 2009

Guidance for TCAP and LIHTC Exchange Program Released

On May 4th, the Department of Housing and Urban Development (HUD) and Treasury Department released much anticipated guidance on the Tax Credit Assistance Program (TCAP) and Exchange Programs created by the American Reinvestment and Recovery Act of 2009, signed by President Obama on February 17, 2009.

As the topic of our most recent seminar held on March 6, 2009, both programs are intended to provide much needed funding for the LIHTC industry. HUD issued CPD Notice 09-03 describing the implementation of the TCAP. The HUD Notice explains program requirements and provides guidance to state housing credit agencies on the information they must submit to HUD to receive grant funds. Under the program, the state submissions are due to HUD within 30 days, or June 3, 2009. HUD has also posted a FAQ document about the TCAP Program and said it plans to update the information on the ongoing basis.

For the Exchange Program, the Treasury Department published application information and said it is now accepting applications from state housing credit agencies that wish to obtain grants in lieu of tax credits.

Look for additional updates on both Programs from the Real Estate Group at RubinBrown LLP.

 

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