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HUD   >   Recovery   >   Programs   >   Tax Credit Assistance Program

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. Seventy-five percent of TCAP funds must 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.
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 the Commonwealth of Puerto Rico). No other organizations, entities, or individuals are eligible for funding. Funding is by formula allocation to the 52 eligible state agencies.

"Because of the steps we took, there are about two million Americans working right now who would otherwise be unemployed...The plan that has made all of this possible, from the tax cuts to the jobs, is the Recovery Act."

- President Barack Obama
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