GUIDANCE RELEASED FOR TCAP AND LIHTC EXCHANGE PROGRAM

Monday, May 4, 2009 - 8:00AM

The Department of Housing and Urban Development (HUD) and Treasury Department today released guidance on the two programs created by the American Recovery and Reinvestment Act of 2009 related to the low-income housing tax credit (LIHTC). Today, HUD issued CPD Notice 09-03 describing the implementation of the Tax Credit Assistance Program (TCAP). This notice explains program requirements and provides guidance to state housing credit agencies on the information they must submit to HUD as a condition of receiving their grant. These submissions are due to HUD within 30 days - by Wednesday, June 3, 2009. HUD has also posted a Questions and Answers document about the TCAP program, and says it will update that information on an ongoing basis.

The Treasury Department also published application information and forms and is now accepting applications from LIHTC allocating agencies for grants in lieu of LIHTCs for 2009.

HUD announced that on Wednesday, May 6, HUD and the Department of Treasury will be conducting a joint web/satellite broadcast on TCAP and the Grants in Lieu of Tax Credits Program.

This guidance will also be discussed in person by industry leaders at Novogradac & Company’s conference A Look Ahead: The LIHTC and the Recovery and Reinvestment Act, May 13-14, 2009 in New Orleans, La.

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