The American Recovery and Reinvestment Act and the American Recovery and Reinvestment Tax Act (collectively, the Act) which were signed into law on February 17, 2009, included two provisions involving low income housing tax credits (tax credits), the Tax Credit Assistance Program (TCAP) and a tax credit exchange program under Section 1602 of the Act (the Section 1602 Program).

TCAP 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 Program Description.

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 Program Description.


Program Documents
February 18, 2010 - Section 1602 Program Description
July 2, 2009 - TCAP Program Description

Award Listings
TCAP
Section 1602 

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If you have questions or need additional information, please contact Ed Yandell, Program Liaison for Multifamily Development.