American Recovery and Reinvestment Act of 2009
Tax Credit Assistance Program
Request for Comments on Competitive Process and Selection Criteria
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 ("ARRA"). Title XII of ARRA appropriated $2.250 billion for a grant program to provide funds for capital investments in Low-Income Housing Tax Credit (LIHTC) projects. Pursuant to a formula based allocation, New York State's share of the appropriation is $252,659,616.
On May 4, 2009, the U.S. Department of Housing and Urban Development ("HUD") issued guidance to state housing credit agencies setting forth the submission requirements, eligible uses of funds, and program requirements for this grant program, known as the Tax Credit Assistance Program ("TCAP"). In order to access TCAP funds, the guidance requires state housing credit agencies, to submit a packet to HUD by no later June 3, 2009 providing certain information on how TCAP funds will be administered.
While the New York State Division of Housing and Community, ("DHCR"), will be the grantee for TCAP and sign an agreement with HUD to administer the program, DHCR has suballocated a portion of New York State's share of TCAP funds to the New York State Housing Finance Agency which is also a state housing credit agency.
HUD's guidance requires state housing credit agencies to make their draft selection process and criteria for TCAP funds available to the public.
Click here to read the New York State Housing Finance Agency Description of TCAP Competitive Selection Process and Criteria.
Click view to read the New York State Housing Finance Agency Tax Credit Assistance Program (TCAP) Funded Projects Chart.
Click here to view the New York State Division of Housing and Community Renewal Tax Credit Assistance Program Web Page.
Last updated: 10/29/2009 12:10:50 PM