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HUD, TREASURY MAKE TCAP, EXCHANGE FUNDING ANNOUNCEMENTS

Friday, May 22, 2009 - 8:00AM

The U.S. Department of the Treasury today announced more than $330 million in American Recovery and Reinvestment Act funding to spur the development of affordable housing units in Kansas, Michigan, Ohio, Wisconsin and Puerto Rico. The Department of Housing and Urban Development (HUD) also announced $83 million for housing development in Ohio. Treasury's announcement today includes the first round of recipients under the low-income housing tax credit exchange program: $115 million in Wisconsin; $99 million in Puerto Rico; $78 million in Michigan; $23 million in Kansas; and $21 million in Ohio. In addition, HUD announced the first award under the Tax Credit Assistance Program (TCAP), providing $83 million to kick-start stalled multifamily developments in Ohio. Submissions from the remaining states, Puerto Rico and the District of Columbia are due to HUD no later than June 3. This is the first of many similar announcements HUD anticipates making in the coming weeks. Click here for more information about TCAP and the exchange program.

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