American Recovery & Reinvestment Act (ARRA)
The American Recovery and Reinvestment Act of 2009 has various provisions relating to housing and residential energy efficiency. An overview of all the funds MFA will be administering through this federal program can be found on MFA's homepage under Housing Stimulus Plan. MFA's Housing Development Department will administer the federal Tax Credit Assistance Program (TCAP) to cover gaps in financing for low-income housing construction. The gaps in financing these funds will cover came about because of difficulties in finding investors for credits, receiving lower than anticipated price for credits, and resulting delays in beginning construction.
MFA will use TCAP funds for tax credit properties that received credit awards in 2007, 2008 and for those properties that will receive credit awards 2009. MFA intends to get TCAP funds to eligible properties quickly through the systems that are already in place. Funds will be awarded competitively with the first awards anticipated to be issued in May, 2009.
Low-Income Housing Tax Credit
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| Tax Credit Assistance Program | |
| Estimated Amount for New Mexico | $13,876,558 |
| Distribution System |
Administered by HUD directly to MFA (state housing credit allocating agency); awarded to federal Low Income Housing Tax Credit developers for qualifying rental developments.
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| Eligible Activities |
Fill equity gaps in rental developments awarded federal Low Income Housing Tax Credits in federal fiscal years 2007, 2008, and 2009. |
