American Recovery and Reinvestment Act

 
HOUSING TAX CREDIT PROGRAM 
President Obama signed the American Recovery and Reinvestment Act (ARRA) of 2009 (Public Law 111-5), on February 17, 2009. The purpose of the Recovery Act is to jumpstart the nation’s ailing economy with the primary focus of creating and saving jobs in the near term and investing in infrastructure that will provide long-term economic benefits. ARRA included two provisions for the Housing Tax Credit Program:

• Title XII of the Recovery Act appropriated $2.25 billion for the Tax Credit Assistance Program (TCAP).  $18.9 million was allocated for the State of Iowa. IFA applied for the $18.9 million in TCAP funds from the U.S. Department of Housing and Urban Development on June 2, 2009. 
• The ability for State tax credit allocating agencies to exchange certain allocations for cash from the U.S. Treasury (Section 1602). IFA was awarded $72.7 million in Section 1602 funds from the U.S. Treasury on June 4, 2009. 
  
  TAX CREDIT ASSISTANCE PROGRAM (TCAP)
  IFA TCAP Application Submission Packet to HUD. (Posted June 3, 2009)
  Tax Credit Assistance Program (TCAP) Project Selection Process and Criteria. (Posted June 3, 2009)
  Public comments and IFA response to draft TCAP project selection process and criteria.  (Posted June 3, 2009) 
  Restrictions on Lobbying
  HUD TCAP Overview
  
  TCAP QUESTIONS & ANSWERS
  National Environmental Policy Act (NEPA) & Related Laws
  Lead-Safe Housing Rule for Target Housing
  Restrictions on Lobbying 
  Section 504 of the Rehabilitation Act of 1973
  Interpretive Guidance on Lead Based Paint for the Tax Credit Assistance Program
  
  SECTION 1602 PROGRAM (EXCHANGE)
  Section 1602 Project Selection Process & Criteria (Posted June 11, 2009)  
  IFA Section 1602 Request for Information Form (Posted June 15, 2009)
  Section 1602 Rental Housing Spreadsheet (Posted June 15, 2009)
  
  DOCUMENTS
  24 CFR Part 87 Certification
  Disclosure of Lobbying Activities SF-LLL
  IFA TCAP Request for Information Form (Publication pending approval by HUD of TCAP Project Selection & Criteria)
  
  RESOURCES
  HUD CPD Notice 09-03
  U.S. Department of the Treasury
  HUD Recovery
  Federal Recovery
  Code of Federal Regulations
  U.S. Government Federal Accountability Office Fraud/Abuse Reporting