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Presentation, discussion, and possible action regarding a Tax Credit Assistance Program Repayment Funds Invitation to Apply for multifamily Developments
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RECOMMENDED ACTION
recommendation
WHEREAS, the Tax Credit Assistance Program initially provided funding for Housing Tax Credit developments that were awarded from 2007-2009, and the repayment of that funding is referred to as Tax Credit Assistance Program Repayment Funds (TCAP-RF);
WHEREAS, the Department currently has $52,669,724 in TCAP-RF, although $40,000,000 has already been programmed into the 2024-3 Notice of Funding Availability, and therefore is unavailable for other uses; and
WHEREAS, the Department is requesting approval from the Governing Board to program $10,000,000 of the available funds into an Invitation to Apply for 2024 9% Housing Tax Credit Applications that did not receive 9% funding, but which later secured a reservation of bond financing in the form of a Carryforward Designation Certificate;
NOW, therefore, it is hereby
RESOLVED, the TCAP-RF Invitation to Apply is approved.
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BACKGROUND
The Tax Credit Assistance Program (TCAP) was a short-lived federal program that assisted Housing Tax Credit Developments that were awarded from 2007-2009. The Department made repayable loans to Developments from that initial funding and is able to use the repayment funds generated for additional activities.
As of January 31, 2025, the Department had $52,669,724 in TCAP Repayment Funds (TCAP-RF) on-hand, $40,000,000 of which was programmed into the 2024-3 Notice of Funding Availability. The Department now requests approval to program $10,000,000 into an Invitation to Apply that will be targeted towards assisting 2024 9% Housing Tax Credit Applications that were unsuccessful in getting funded during that round, but which later secured a reservation of bond financing via a Carryforward Designation Certificate.