ARRA Update
In late May, the U.S. Department of Housing and Urban Development and the Department of the Treasury approved OHFA's implementation plan to help guide funding provided through the American Recovery and Reinvestment Act (ARRA). The Agency now has access to $83.4 million in the Tax Credit Assistance Program (TCAP) and $21.5 million in Tax Credit Exchange (TCE) funds with the option to exchange additional Housing Tax Credits (HTC) if required. Financial support from these programs will assist proposed affordable housing developments that have received HTCs but are unable to reach completion due to the decline in the amount of private investment funds for the credits.
OHFA began accepting applications from 2007 and 2008 competitive HTC recipients and Multifamily Bond HTC projects on June 15 after releasing the ARRA Application Procedures and Underwriting Guidelines. Developers who received 2009 HTCs were provided additional guidance for applying. Nearly 70 proposals are estimated to receive assistance through the ARRA funds. Learn more about the TCAP and TCE programs.