(Washington, DC) - On February 27, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009. The purpose of the Act is to stimulate the economy with a focus on job creation and retention and investing in long term infrastructure. Title XII of the Recovery Act appropriated $2.25 billion under HOME for the Tax Credit Assistance Program that will provide funds for capital investments in Low Income Housing Tax Credit projects. Projects must have been awarded tax credits between October 1, 2006 and September 30, 2009.
In order to be eligible to receive funds from HUD, the Department of Housing and Community Development must publish the eligibility requirements and criteria for selection of projects under TCAP. Comments must be received no later than May 15, 2009, and should be sent to [email protected]