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Multifamily Housing Finance and Development Programs

American Reinvestment and Recovery Act

Welcome to the DCA Multifamily Housing Finance and Development Programs American Reinvestment and Recovery Act information website!

To find information on selected ARRA projects organized by funding program, click on the applicable program link below. To find a list of all selected ARRA project links grouped together, click HERE.

Programs

Tax Credit Assistance Program (TCAP)

General Program Description

The Tax Credit Assistance Program (TCAP) authorizes HUD to address financing gaps in eligible Low Income Housing Tax Credit (LIHTC) projects via a formula-based allocation to State housing credit allocation agencies. The housing credit agencies in each State shall distribute these funds competitively and according to their qualified allocation plan. Projects awarded low income housing tax credits in fiscal years 2007, 2008, or 2009 are eligible for funding, but housing credit agencies must give priority to projects that are expected to be completed by February 2012. Seventy-five percent of TCAP funds must be committed by February 2010, 75 percent must be expended by February 2011, and 100 percent of the funds must be expended by February 2012. Georgia has received an allocation of $54,481,680.

Tax Credit Exchange Program (Exchange)

General Program Description

Section 1602 - Tax Credit Exchange Program (Exchange) was enacted under the American Recovery and Reinvestment Act of 2009. It authorizes the US Department of the Treasury to make cash assistance available to State housing credit agencies for subaward to owners of qualified buildings. State housing credit agencies can exchange eligible low income housing tax credit with Treasury for cash at the rate of $.85 per credit dollar. The State uses the funds to make sub-awards subject to the same requirements (including rent, income, and use restrictions) as the low-income housing tax credit allocations. The purpose of the cash assistance is to pay the developer’s costs for new construction or acquisition and rehabilitation of rental housing for low-income families and individuals. Any Exchange funds not expended or disbursed by December 31, 2011 must be returned to the Treasury by January 1, 2012.

Neighborhood Stabilization Program I (NSP I)

General Program Description

HUD’s Neighborhood Stabilization Program 1 (NSP1) was enacted under the Housing and Economic Recovery Act of 2008 (HERA) to provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. NSP provides grants to every state and certain local communities to purchase foreclosed or abandoned residential properties and to rehabilitate, resell, or redevelop these properties in order to stabilize neighborhoods and stem the decline of neighborhood values. GHFA, as a subrecipient under the DCA Substantial Amendment, received over $19,561,362 in NSP1 funds, $8,496,869 of which was awarded to four OAH LIHTC projects.







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	Enabling Economic Development Promoting Housing Options Community Development Block Grant (CDBG) Homeownership Rental Assistance Housing Development Homeless & Special Needs Fostering Sustainable Development		Promoting Housing Options >> Housing Development Multifamily Housing Finance and Development Programs American Reinvestment and Recovery Act OAH Updates \| Related Links Welcome to the DCA Multifamily Housing Finance and Development Programs American Reinvestment and Recovery Act information website! To find information on selected ARRA projects organized by funding program, click on the applicable program link below. To find a list of all selected ARRA project links grouped together, click HERE. Programs Tax Credit Assistance Program (TCAP) General Program Description The Tax Credit Assistance Program (TCAP) authorizes HUD to address financing gaps in eligible Low Income Housing Tax Credit (LIHTC) projects via a formula-based allocation to State housing credit allocation agencies. The housing credit agencies in each State shall distribute these funds competitively and according to their qualified allocation plan. Projects awarded low income housing tax credits in fiscal years 2007, 2008, or 2009 are eligible for funding, but housing credit agencies must give priority to projects that are expected to be completed by February 2012. Seventy-five percent of TCAP funds must be committed by February 2010, 75 percent must be expended by February 2011, and 100 percent of the funds must be expended by February 2012. Georgia has received an allocation of $54,481,680. Tax Credit Exchange Program (Exchange) General Program Description Section 1602 - Tax Credit Exchange Program (Exchange) was enacted under the American Recovery and Reinvestment Act of 2009. It authorizes the US Department of the Treasury to make cash assistance available to State housing credit agencies for subaward to owners of qualified buildings. State housing credit agencies can exchange eligible low income housing tax credit with Treasury for cash at the rate of $.85 per credit dollar. The State uses the funds to make sub-awards subject to the same requirements (including rent, income, and use restrictions) as the low-income housing tax credit allocations. The purpose of the cash assistance is to pay the developer’s costs for new construction or acquisition and rehabilitation of rental housing for low-income families and individuals. Any Exchange funds not expended or disbursed by December 31, 2011 must be returned to the Treasury by January 1, 2012. Neighborhood Stabilization Program I (NSP I) General Program Description HUD’s Neighborhood Stabilization Program 1 (NSP1) was enacted under the Housing and Economic Recovery Act of 2008 (HERA) to provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. NSP provides grants to every state and certain local communities to purchase foreclosed or abandoned residential properties and to rehabilitate, resell, or redevelop these properties in order to stabilize neighborhoods and stem the decline of neighborhood values. GHFA, as a subrecipient under the DCA Substantial Amendment, received over $19,561,362 in NSP1 funds, $8,496,869 of which was awarded to four OAH LIHTC projects. OAH Manuals and Plans DCA ARRA Implementation Plan (pdf) - Revised 12/31/09 OAH Updates Contractor Approval List (pdf) - 10/8/09 Environmental ARRA Environmental Review Status Report (pdf) - 5/17/10 Federal Guidance Recovery.gov HUD Recovery HUD Recovery - TCAP HUD Recovery - Sect 1512 (Jobs) Reporting Overview and Resources Treasury Recovery Related Links Treasury Policy - Resource Center Georgia Recovery Dun and Bradstreet Central Contractor Registration (CCR) USDOL Employment Standards Administration Wage and Labor Division Office of Affordable Housing OAH Funding Round Web Pages Neighborhood Stabilization Program Recovery Zone Economic Development Bonds Archives GAO 10-604 Recovey Act report (pdf) - 6/1/2010 TCAP Assistance Underwriting Process (pdf) - 4/23/09 OAH ARRA Survey (xls) please complete electronically by April 3, 2009 DCA ARRA Update (pdf) Additional Guidance on Market Study Updates (pdf) - 5/12/09 2009 Market Study Review - ARRA (pdf) - 4/28/09 ARRA Q A Posting 1 (pdf) - 5/12/09 4/15/09 Public Forum Q&A Summary (pdf) - 4/23/09 2009 HOME and HUD Environmental Guidance (pdf) - 6/8/2009 Delegation of Certification Officer Responsibility for Environmental Review (pdf) - 6/8/2009 Environmental Review Notice for ARRA Applicants - 4/9/09 (pdf) GHFA ALTA Survey Requirements (pdf) - 5/19/09 TCAP Assistance Application Timeline (xls) - 5/11/09 2008 OAH Round Credit Return Template (doc) ARRA Federal Compliance Manual (pdf) - 6/1/09 ARRA Queue Notification and Southern Polytechnic Process sample (pdf) - 6/9/0 ARRA Application Process (pdf) - 5/12/09
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