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The American Recovery and Reinvestment Act of 2009 (ARRA)
Impact of Administration Efforts Seen in Signs of House Price Stabilization and Increased Affordability
Overview of the ARRA
The Recovery Act signed into law by President Obama on February 17th, 2009 includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.
Implementing the ARRA
THDA has several opportunities to implement ARRA provisions.
First-time Homebuyer tax credit
- First-time buyers are eligible for a tax credit of 10% of the purchase price of their home, up to $8,000. Tennessee Housing Development Agency has designed a second mortgage program to borrow up to 3 1/2% for downpayment and closing costs with a 0% second mortgage that can be paid off with the tax credit. The program is available through participating lenders. Loans must be closed by November 30, 2009. THDA offers a Stimulus Loan to use the credit for downpayment and closing costs.
- Through the
Homelessness Prevention and Rapid Re-Housing Program (HPRP)
, funds are available only for homeless prevention activities. The State of Tennessee has been allocated $13,467,433 to provide financial assistance and services to either prevent individuals and families from becoming homeless or to help those who are experiencing homelessness to be quickly re-housed and stabilized. Local participating jurisdictions will receive their own appropriations. The Substantial Amendment to the Consolidated Plan and Program Description was submitted to HUD on May 15, 2009. THDA received the award letter July 17, 2009 noting acceptance of the amendment. THDA is required to pass these funds through to local governments and private non-profit entities. THDA has selected sub-grantees and has developed required program implementation materials. THDA is required to execute all local sub-grantee contract agreements by September 30, 2009, and expects an effective local program start date of October 1, 2009.
The Tax Credit Assistance Program (“TCAP”) and a tax credit exchange program under Section 1602 of the Act -
amounts are expected to fund “capital investments” and fill the gap caused by lack of investor interest for tax credits. TCAP amounts can be used for developments that have or are expected to receive an award of tax credits, as specified further in the
. The Section 1602 Program amounts are expected to temporarily fill the gap caused by lack of investor interest for tax credits. Section 1602 Program amounts can be used for developments that have or are expected to receive an award of tax credits and may also be used for developments that do not have an award of tax credits, as specified further in the
Neighborhood Stabilization Program, Version 2 (CDBG Non-entitlement)
- NSP 2 is a competitive program from the Department of Housing and Urban Development. (NSP, Version 1 allocated funds from HERA to Tennessee and local jurisdictions. The purpose of NSP 1 is 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.) Guidance for NSP2 was released May 4, 2009. Applications were due July 17, 2009 for both the program and technical assistance rounds. Please see the
Notice of Fund Availability
for further information. When grants have been allocated, the information will be posted here.
Weatherization Assistance Program (WAP)
is 100% federally-funded through a grant from the Federal Department of Energy. The program provides funds to the states to assist with the weatherization of the homes of low income elderly and disabled adults and families.
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