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American Recovery and Reinvestment Act Program Guide
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Tax Credit Assistance Program (TCAP)
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| Progress Indicator |
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| Guidance Available |
Application Processes Open |
Application Processes Closed |
Award Processes Completed |
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| Federal Program Information |
| Federal Program Description |
The Tax Credit Assistance Program (TCAP) provides funding for investment in Low Income Housing Credit (LIHC) projects. Projects awarded LIHC in Federal fiscal years 2007, 2008, or 2009 are eligible for TCAP funding. LIHC is available on a competitive basis to applicants proposing to acquire, construct, and/or rehabilitate housing for low-income households.
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| CFDA Number |
14.258 |
| Assistance Type |
Formula Grants |
| ARRA Citation |
H.R.1-106, Title XII Transportation, and Housing, and Urban Development, and Related Agencies- Home Improvement Partnership Program |
| ARRA Reporting |
In addition to required 1512 recovery act reporting DHCR is required to report to HUD 10 days after the end of each calendar quarter, starting on June 10th, 2009. These reports are to include:
a.The total amount of recovery funds received from HUD;
b.The amount of recovery funds received that were expended or obligated to projects or activities; and
c.A detailed list of all projects or activities for which recovery funds were expended or obligated.
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| Federal Agency |
Department of Housing and Urban Development |
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| NYS Information |
| NYS Program Title |
Tax Credit Assistance Program (TCAP) |
| NYS Agency |
NYS Division of Housing and Community Renewal |
| Contact |
Gary Hallock |
| Email |
ghallock@nysdhcr.gov |
| Phone |
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| Program Funding |
| National Total |
$2.25 billion |
| NYS Share |
$252,659,616 |
| Flow of Funds |
TCAP funds have been allocated to New York State via a formula and will be administered by the New York State Division of Housing and Community Renewal. DHCR will award TCAP funds to affordable housing projects awarded LIHC in Federal fiscal years 2007, 2008, or 2009. LIHC is awarded through a competitive process described in DHCR's LIHC Qualified Allocation Plan and an annual Notice of Credit Available and Request for Proposals.
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| Deadline |
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. |
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| State Grant Notice(s) |
| Status |
Open |
| Title |
Tax Credit Assistance Program (TCAP) |
| Eligible Entries |
Only projects that have received an "award of LIHCs" during the eligible time period will be considered for TCAP funding.
DHCR will give priority to requests for TCAP funding that demonstrate project readiness, defined as projects that are expected to expend 75% of their TCAP award by February 16, 2011, and 100% by February 16, 2012.
In making such a determination of readiness, the following factors will be considered:
Funding Commitments
The extent to which all other funding commitments have been obtained.
Local Approvals
The extent to which all approvals necessary to start construction have been obtained, including but not limited to rezoning, the granting of variances, the availability of water and sewer services to the project, subdivision approval, and project tax abatement approval.
Environmental Approvals
The extent to which all necessary environmental approvals have been obtained.
Site Control
The extent to which site control for the project has been secured.
Development Team Capacity
The extent to which the project development team's track record in completing prior LIHC projects demonstrates the capacity necessary to complete the project within the eligible time period.
Status of Construction Documents
The extent to which the project has finalized plans and specifications, general contractor's contract and other construction-related documents.
The amount of TCAP to be awarded to these LIHC projects will be determined by DHCR based on a consideration of factors consistent with the agency's existing Equity Loss guidelines, parameters for award increases outlined in the agency's Capital Programs Manual and the project underwriting criteria set forth in the QAP.
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| Website |
http://nysdhcr.gov/general/arra/tcap/index.htm |
| Deadline |
Open Ended- All projects must be 100% complete by February 16, 2012 |
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| Awards and Outcomes |
| Website |
http://www.recovery.gov/transparency/pages/home.aspx?State=NY |
