Tax Credit Assistance Program

Program Description
The Tax Credit Assistance Program (TCAP) provides grant funding for capital investment in 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. 75 percent of TCAP funds will 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.

Process for Making Awards
TCAP program and applicable federal crosscutting requirements will be established by notice and posted on HUD's Recovery Act website. The applicant must submit to HUD a 'letter of intent' to participate within 15 days of the notice of funding availability appearing in the Federal Register and must submit a description of how it plans to award the TCAP funds competitively, based on its qualified allocation plan (QAP), within 45 days of the notice."
Eligible Applicants
The 52 State Housing Credit Agencies that administer the Low-Income Housing Tax Credit Program are the only eligible applicants. (The 50 states plus the District of Columbia and Puerto Rico). No other organization, entities, or individuals are eligible for funding. Funding is by formula allocation to the 52 eligible state agencies.

Funding Amounts
Total Funding: $2,250,000,000
Total Funds Allocated: $2,250,000,000
Total Funds Obligated: $0
Total Funds Expended: $0



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