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Tax Credit Exchange Program (Exchange)
The American Recovery and Reinvestment Act (ARRA) of 2009, PL 111-5, signed into law on February 17, 2009, gives housing credit agencies the ability to exchange certain tax credit allocations for cash from the U.S. Treasury (Exchange) to facilitate the production of projects awarded low-income housing tax credits in "fiscal years" 2007, 2008 and 2009 but could not go forward because they could not obtain equity. ARRA's overall purpose is to create and save jobs in the near term by using the Exchange funds to start construction on shovel-ready projects. For more information see links below. Please note that individual projects and owners do not have any entitlement under the law to receive Exchange funds. Rather, sub-awards are made to projects based on a process to be established by the housing credit agency.
Tax Credit Assistance Program (TCAP)
The American Recovery and Reinvestment Act (ARRA) of 2009, PL 111-5, signed into law on February 17, 2009, includes $2.25 billion in special HOME Investment Partnerships (HOME) programs funds to be allocated to housing credit agencies in order to facilitate the production of projects awarded low-income housing tax credits in "fiscal years" 2007, 2008 and 2009 but could not go forward because they could not obtain equity. TCAP's overall purpose is to fill financing gaps and create and save jobs in the near term by using the TCAP funds to start construction on shovel-ready projects. DSHA intends to accept the entire $6,608,893 TCAP allocation made available through the U.S. Department of Housing and Urban Development (HUD). For more information, see links below.
Federal Information
- U.S. Department of Housing and Urban Development CPD-09-03 Implementation of the Tax Credit Assistance Program (TCAP)
- U.S. Treasury Department Application and Terms and Condtions Grants to States for Low Income Housing Projects in Lieu of Low-Income Housing Credits for 2009 under the ARRA of 2009
- The American Recovery and Reinvestment Act of 2009
Delaware State Housing Authority:
- TCAP Project Selection Criteria and TCAP Process
- Exchange Application Process
- DSHA TCAP/Exchange Application Form
- DSHA's CPD-09-03 Submission to HUD for TCAP Funds
- Applications Received
- Hollybrook Farms, L.P.
- Millsboro Village
- Marcella's House, L.P.
- Arbor Place III, LP
- Monroe Terrace, LP
- West Center Village, LP
- TCAP HUD Approval - July 14, 2009
- Exchange 1602 Treasury Approval - July 30, 2009
- Exchange Treasury 1602 Approval - September 21, 2009 (Millsboro Village)
- Exchange Treasury 1602 Approval - September 21, 2009
- Exchange 1602 Approval - December 21, 2009 (Lexington Green)
Public Comments
DSHA made the TCAP and Exchange Selection Process and Criteria available to the public and accepted comments for a five-day period that ended on May 29, 2009 at 3:00 p.m. The comments received by DSHA are posted below.
Additional Information
- Quarterly Reporting to HUD
- Quarterly Reporting to Treasury
DSHA Contact Person
If you have any questions or need further assistance, please contact Delaware State Housing Authority's Public Information Office at (302) 739-4263 or (302) 577-5001 or write to 18 The Green, Dover, DE 19901.
