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Monday, February 1, 2010 - 8:00AM

Today President Barack Obama transmitted the fiscal year (FY) 2011 proposed budget to the Congress, which includes an extension of the Section 1602 low-income housing tax credit (LIHTC) cash grant exchange program that was created by the American Recovery and Reinvestment Act (Recovery Act). Under the proposal, states would be able to exchange 100 percent of unused housing credit ceiling for 2009, 40 percent of the state’s 2010 per capita authority, and 40 percent of the state’s share of the 2010 national pool allocation, if any. States would have until December 31, 2012 to utilize the cash assistance. Click here for more information about the exchange program.

Tune in to the Feb. 9 Tax Credit Tuesday podcast to hear more about this proposal and the next steps in the federal budget process.

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