The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Fiscal Year 2008: No Current Data Available Fiscal Year 2009: It is anticipated that 733 Tax Credit projects will be developed. Fiscal Year 2010: No Current Data Available
Uses and Use Restrictions
For use by housing credit allocating agencies in each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, to provide capital investment to owners of projects that have received an award of low-income housing tax credits in fiscal years 2007, 2008, or 2009.
Priority should be given to eligible projects that are expected to be completed by February, 2012.
State (includes District of Columbia, public institutions of higher education and hospitals): Housing
Assistance provided to an eligible low-income housing tax credit project shall be subject to the same limitations (including rent, income, and use restrictions) as required by the State housing credit agency with respect to an award of low-income housing credits under section 42 of the IRC of 1986. Costs will be determined in accordance with OMB Circular No. A-87 for State governments. Specific requirements of 24 CFR part 85 apply to grantees, State recipients and any governmental subrecipient receiving TCAP funds. OMB Circular A-122 and specific requirements of 24 CFR part 84 apply to subrecipients which are not governmental. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
HUD produces a list of each State jurisdiction s formula allocation.
HUD publishes a Notice of Funding Availability (NOFA) in the Federal Register.
This program is excluded from coverage under E.O.
Environmental impact information is not required for this program.
This program is eligible for coverage under E.O.
12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review.
This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Submit a letter of intent to participate within 15 days of the Notice of Funding Availability in the Federal Register. Within 45 days from the NOFA, the applicant must submit a Pre-Award Description, describing how it plans on awarding the funds competitively based on its Qualified Allocation Plan (QAP).
HUD notifies grantees of the formula awards. HUD prepares the grant agreement for formula applicants.
Contact the headquarters or regional office, as appropriate, for application deadlines.
American Recovery and Reinvestment Act of 2009, Public Law 111.5, Section 2, Division A, Title XII.
Range of Approval/Disapproval Time
Letters of intent to participate must be submitted within 15 days of the NOFA published in the Federal Register. Pre-Award Descriptions must be submitted to HUD within 45 days from the NOFA s publication in the Federal Register.
HUD will review for completeness and accuracy with the requirements of the Act.
This is one time funding under the American Recovery and Reinvestment Act of 2009.
Formula and Matching Requirements
This program has no statutory formula. Formula amounts will be awarded to housing credit allocating agencies in each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, proportionate to the percentage of HOME Investment Partnerships Program funds allocated to all the state and local participating jurisdictions in a state under the FY 2008 HOME formula. This program does not have MOE requirements.
Length and Time Phasing of Assistance
Grant funds are drawn down from the U.S. Treasury based on individual project development progress. The Tax Credit Assistance Program uses an electronic fund transfer disbursement and information system. Each grantee must commit seventy-five percent of its TCAP funds to projects by February 16, 2010 by entering into a legally binding agreement with the project owner. Each grantee must expend seventy-five percent of its grant for eligible projects by February 16, 2011 and expend 100 percent of its grant by February 2012. Method of awarding/releasing assistance: lump sum.
Post Assistance Requirements
HUD will establish reporting requirements based in part on the February 18, 2009 Initial Implementing Guidance for the American Recovery and Reinvestment Act of 2009 issued by OMB.
Cash reports are not applicable.
Progress reports are not applicable.
Expenditure reports are not applicable.
Performance monitoring is not applicable.
In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133. In accordance with OMB Circular No. A-133, (Revised, June 24, 1997), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $300,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $300,000 a year in Federal awards are exempt from Federal audit requirements for the year, except as noted in Circular No. A-133.
Records which enable HUD to determine whether the grantee has met the requirements of the program must be kept for the most recent 5-year period.
86-0203-0-1-604 - 86-0203 2009/2010.
(Formula Grants) FY 08 $0; FY 09 est $2,250,000,000; FY 10 est $0
Range and Average of Financial Assistance
$4,831,466 to $326,321,437; $43,269,231 average.
Regulations, Guidelines, and Literature
All programmatic regulations will be posted at www.recovery.gov.
Regional or Local Office
See Regional Agency Offices. Contact appropriate HUD Field Office listed in Appendix IV of the Catalog.
Clifford Taffet Office of Affordable Housing Programs, Room 7164, Community Planning and Development, Department of Housing and Urban Development
451 7th Street, SW, Washington 20410 Email: Clifford.Taffet@hud.gov Phone: (202) 708-2470
Criteria for Selecting Proposals
HUD will review Pre-Award Descriptions for completeness and accuracy, to ensure grantees meet all the requirements of the Act.
The Williams School’s J. Lawrence Connolly Center for Entrepreneurship held its first-ever Social Entrepreneurship Summit on May 2. Business administration professor Drew Hess and his wife, Megan, also a business professor at the Williams School, arranged to gather a dozen student leaders to dinner. They wanted to search for ways the campus and the Williams School could support social entrepreneurship.