The Tax Credit Aid Program (TCAP) is a Federal managed housing grant program administered by HUD that supports the Housing Loans Housing Low Cost (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of The American Recovery and Reinvestment Act signed by President Obama on February 17, 2009. The program is designed to help troubled LIHTC deals struggling to find tax credit investors.
As a result of the economic and financial market turbulence, the value of the Low Income Housing Tax Credit dropped in 2008 and continued to decline during 2009. Most of the LIHTC offerings struggled to find investors. The TCAP program provides additional grants to make this project feasible.
Administration of TCAP funds at Federal level occurs in HUD. HUD then delegates state-level program administration to a designated housing finance institution assigned to manage the LIHTC program. HUD stipulates the basic requirements of the program and the state housing finance institution establishes more specific qualifications and award criteria.
Video Tax Credit Assistance Program
See also
- Tax Credit Aid Program (TCAP), Official HUD TCAP Page
- "Briefing of the HUD Loan Program Loan Guidelines (TCAP)", Nixon Peabody, May 5, 2009
Source of the article : Wikipedia
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