Tax Credit Assistance Program

Tax Credit Assistance Program (TCAP)

The American Recovery and Reinvestment Act of 2009 provides $2.25 billion of grant funding to cover gaps in financing for low-income housing construction. The financing gaps 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. New Mexico will recieve $13,876,558 in Tax Credit Assistance Program (TCAP) money, which will be administered by MFA.

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.

We anticipate that, when the funding is fully implemented, up to 10 affordable housing projects may be restarted. The construction of these projects could provide between 550 – 825 new rental homes for low-income households throughout New Mexico, create an estimated 600 full-time jobs and stimulate an estimated $46 million in local and state economies.

The awards of TCAP  funds were done through a competitive process as described in the Notices of Funding Availability.

Awards approved at July 2009 Board meeting

Name City & County Developer Proposed Credit Exchange Value

Number
of Units

 Estimated Construction Jobs Created

Estimated Permanant
Jobs
Created

Downtown @
700-2nd

Albuquerque
Bernalillo

Supportive Housing Coalition

$401,044

72

50

2

 

 Awards approved at October 2009 Board meeting as revised

 
Project Name City / County Developer TCAP unds Awarded Low Income Units Total Units Project Type Estimated Construction Jobs Created / Retained
Rio Abajo Apartments TorC,Sierra WNC & Asscociates, Inc.  
$526,265
41
42
Acq/Rehab
20
La Villa Elena Apartments Bernalillo, Sanodoval WNC & Asscociates, Inc.
$359,734
53
54
Acq/Rehab

20
Southview Place Lovington, Lovington WNC & Asscociates, Inc.
$424,708
46
48
Acq/Rehab
20
Casa Linda Apartments Silver City, Grant WNC & Asscociates, Inc.
$344,249
40
41
Acq/Rehab
20
Sage Apartments Gallup, Gallup WNC & Asscociates, Inc.
$386,368
43
44
Acq/Rehab
20
Villa Alegre Apartments Santa Fe, Santa Fe Santa Fe Civic Housing Authority
$2,881,067
51
60
New Construction
152
Villa Alegre Senior Apartments Santa Fe, Santa Fe Santa Fe Civic Housing Authority
$1,894,287
50
50
New Construction
152
La Pradera Hobbs, Lea Tierra Realty Trust, LLC
$2,072,232
60
60
New Construction
100
Hilltop Apartments Los Lunas, Valencia Hope Development / SWNHS
$770,000
39
40
Acq/Rehab
85
Belen Apartments Belen, Valencia Hope Development / SWNHS
$1,600,000
40
40
Acq/Rehab
85
La Terraza Apartments Farmington, San Juan Bethel Development, Inc.
$2,216,604
60
72
New Construction
135
Totals  
$ 13,475,514
        

 

For more information about the Tax Credit Exchange Program, go to the menu to the left.

TCAP and Exchange Awards Details 

 

For more information, contact MFA's Linda Bridge