The U.S. Department of Housing and Urban Development (HUD) has released new guidance regarding the Tax Credit Assistance Program (TCAP). Guidance is now available that addresses TCAP administrative, project compliance, and asset management costs. One benefit to understanding the distinction between these cost categories will be the grantee's increased ability to determine which costs are eligible TCAP costs and which costs must be paid through other funding sources. This will also help grantees determine which costs must be applied to the grantee, and which costs can be paid for by the project owner, including costs for activities undertaken by third party contractors at the expense of the project owner. To read more on this new TCAP guidance released on September 18, 2009, click here.
There is additional TCAP guidance available relating to Projects with an Existing Environmental Review, released on September 4, 2009. This guidance follows up TCAP Notice CPD-09-03 released in May of 2009. Two options are available to TCAP grantees when HUD staff has already performed an environmental assessment for another HUD program. One option is for the state to designate a qualified state instrumentality, such as the TCAP grantee, to conduct the environmental review for TCAP projects. The second option is to invoke the provisions of Section 58.11 (c) - Legal Capacity. This would allow the HUD Field Office Staff (Environmental Officers or CPD program staff) to perform the second review under the provisions of Part 50. To read more on the above information, click here.