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Tax Credit Exchange Program (Exchange)

Office of Affordable Housing

Program | Related Links

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.  The purpose of this program is to temporarily fill the gap left by a diminished demand for low-income housing tax credits.  The program will allow construction or acquisition and rehabilitation of low-income housing projects to continue where developers were unable to proceed due to insufficient financing.  As of today, DCA, via the Georgia Housing and Finance Authority, has received $195,000,000 in Exchange funds.  Any Exchange funds not expended or disbursed by December 31, 2011 must be returned to the Treasury by January 1, 2012. 

Statute

Treasury Sec. 1602 Program webpage

Treasury’s Sec. 1602 Questions and Answers

Treasury's Section 1602 Recapture Guidance

 

Selected Exchange Projects

2008AR-009 Antigua Place

2008AR-030 Dogwood View
2008AR-044 Mallard Lake
2008AR-056 Camellia Lane

2008AR-076 Skyline
2008AR-072 Friendship Crossing
2008AR-020 Rosewood Estates

2008AR-019 Waterford (fka Shannon) Estates

2008AR-031 Willow

2007AR-050 Auburn Point I

2007AR-052 Collegetown I

2008AR-064 Prairie Summit

2008AR-075 Landing at Southlake

2008AR-032 Pine Terrace

2008AR-006 Terrace at Edinburgh

2008AR-093 Potemkin Senior Village

2008AR-033 Woodvale I

2008AR-025 Woodvale II

2008AR-063 Veranda II

2008AR-010 Southwood

2008AR-011 Hooks Plantation

2008AR-073 West Haven Senior Village

2008AR-061 Paradise Estates

2009AR-507 Amal Heights

2008AR-062 Veranda III

2008AR-048 Pine Meadows

2008AR-054 Galleria Manor at Smyrna

2009AR-050 Hummingbird Pointe

2009AR-049 Shangri-La Park

2009AR-061 Ruthie Manor

2009AR-015 Ridgefield Place

2009AR-005 Powell Place

2009AR-058 Park Place of Carrollton II

2009AR-047 Heritage at Madison Point

2009AR-009 Cove at Southlake

2009AR-027 Columbia Townhomes at Edgewood

2009AR-056 Cameron Court II

2009AR-023 Sustainable Fellwood III

2009AR-017 Ware Hotel

2009AR-066 Lakewood Hills Senior Village

2009AR-069 Savannah Gardens

2009AR-055 Shoal Creek Manor

2009AR-042 Antioch Villas and Gardens

Draw Procedures

ARRA Draw Procedures

Georgia Application and Award Process for Sec. 1602 Tax Credit Exchange Program

Cost Analysis and Energy Efficiency Review Procedures

Approved Contractors List

Sec. 1602 Quarterly Reporting

2009 Q4 Report

2010 Q1 Report

2010 Q2 Report

2010 Q3 Report

2010 Q4 Report

Forms for the 30% Test for Sec. 1602 Tax Credit Exchange Program

Section 1602 Program 30% Test Memo (pdf) - 5/20/10

Section 1602 Program 30% Test - Independent Auditor's Report (doc) - 5/20/10

Section 1602 Program 30% Test Certification (xls) - 5/20/10

Related Links

Recovery.gov

HUD Recovery

Treasury Recovery

Georgia Recovery

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

Selected ARRA Projects

 

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