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