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September 2009

New HUD Guidance Sheds More Light on the Tax Credit Assistance Program Logo

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.

McKonly & Asbury Affordable Housing Seminar Recap

Historicbrownstone McKonly & Asbury hosted another successful affordable housing seminar on Friday, September 11, 2009 at the Giant Community Room in Camp Hill.  This was the second in our 2009 seminar series.

Linda Pellegrino and Joe Mueller of Rockport Mortgage (from the Boston area) spoke about HUD financing including the 202, 221, and 223 programs. Linda and Joe also discussed refinancing options for existing HUD properties.  One of the messages that came from their presentation is the increased flexibility that HUD is exhibiting in their programs. Rockport is the 5th largest provider of HUD financing in the country, and they provided a good overview of the various HUD funding mechanisms.

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Treasury Department Extends Deadline for Disbursement of LIHTC Exchange Funds

Treasury Department The Treasury Department has increased the amount of time that state housing credit agencies have to disburse funds received in exchange for low-income housing tax credits. Under the American Reinvestment and Recovery Act (ARRA), state housing credit agencies can exchange all of their 2007 and 2008 unused or returned credits and up to 40% of their 2009 credits for 85 cents on the tax credit dollar to fund projects that can demonstrate that they are unable to secure an equity investor. The initial guidance released by the Treasury Department required the state housing credit agencies to return exchange funds not disbursed before January 1, 2011.  Under the new guidance issued by the Treasury Department, the state housing credit agencies must make awards of the exchange funds by December 31, 2010, however, they can disburse funds through December 31, 2011 as long as the project is at least 30 percent complete by December 31, 2010. 

HUD Posts FY 2009 Section 202, Section 811, Service Coordinator, and Assisted Living Conversion Programs NOFAs

HUD2 The Department of Housing and Urban Development (HUD) released the much anticipated 2009 Notice of Funds Available (NOFA) for Section 202 and Section 811 funds along with the 2009 NOFAs for the Service Coordinator and Assisted Living Conversion Programs.  The deadlines for application submissions are as follows:

Section 202 Supportive Housing for the Elderly   November 13, 2009
Section 811 Supportive Housing for Persons with Disabilities November 16, 2009
Assisted Living Conversion Program  November 5, 2009
Service Coordinators in Multifamily Housing   November 5, 2009

See HUD’s web-site for additional details about these programs.