American Recovery and Reinvestment Act Funds
The Pennsylvania Housing Finance Agency ("Agency") is pleased to announce the availability of additional resources to fund certain properties currently holding an Agency award of Low Income Housing Tax Credits ("tax credits"). The resources are made available pursuant to the American Recovery and Reinvestment Act of 2009 ("ARRA").
Tax Credit Assistance Program
Funds in the amount $95,050,396 will be available for use in Pennsylvania for properties which have received or will receive an allocation of tax credits in fiscal years 2007, 2008, or 2009. These funds will be made available by HUD. While the funds are appropriated under the HOME program, many HOME requirements do not apply (such as rent and income restrictions, 221(d)(3) limitations). HUD has named this program the Tax Credit Assistance Program ("TCAP").
Tax Credit Exchange Program
A second resource available to housing credit agencies is an opportunity to exchange some of our 2009 tax credit authority, up to 40 percent of the 2009 per capita amount available, plus up to 100 percent of previous year's tax credits returned in 2009, for ten years, at a rate of $.85 ("Exchange funds"). These funds will provide the Agency with a pool of funds for properties which are unable to secure a reasonable equity investment for the financial feasibility of the project. The developer must demonstrate they have made a good faith effort, as determined by the Agency, in order to access the Exchange funds.
Application Materials
ARRA Awards
The following documents are relevant for developments seeking ARRA funds. Please check with the Agency for additional requirements for PennHOMES and/or Agency Bond Financing.
Loan Closing Materials
- Closing Memo
- Legal Documents
- Related Documents and Manuals
- Payout Document and Procedures
- Technical Services
- Management Services
Related Sources
