HUD ALLOCATES $2.25 BILLION FOR TAX CREDIT PROGRAM
The U.S. Department of Housing and Urban Development (HUD) today announced that it allocated nearly 75 percent of the $13.61 billion of funding provided by the American Recovery and Reinvestment Act of 2009 for projects and programs administered by HUD. The funding announced today is primarily formula-based, including $2.25 billion for the Tax Credit Assistance Program (TCAP). TCAP grants are funded under HUD's HOME program and are meant to help state housing finance agencies kick-start the production of stalled affordable rental housing projects that rely on low-income housing tax credits (LIHTCs). Click here for more information, including a table of TCAP funding amounts by state.
To learn more about this program, and the other tax credit provisions included in the Recovery Act, tune in to The Recovery and Reinvestment Act of 2009 Webinar. The live session will be held from 10:00 a.m. - 12:00 p.m. Pacific Standard Time today, and a recording of the webinar will be available for download shortly after the event concludes.
The implementation of the Recovery Act and an assessment of its impact will also be the focus of the New Orleans LIHTC Finance Conference on May 13-14, 2009. Novogradac & Company is currently developing the agenda for the event, which will feature panel discussions on topics including: income and accounting implications of credit exchange dollars and HOME fund dollars; ways to use credit exchange dollars; asset management by state agencies; the impact of ARRA on TEB financed transactions; and investor reactions to ARRA.