The Indiana Housing & Community Development Authority has published draft policies and procedures for implementing the provisions in the American Recovery and Reinvestment Act (ARRA) establishing the new Tax Credit Assistance Program and low-income housing tax credit exchange program. The report includes a list of key definitions, and describes IHCDA’s priorities for allocating the new funds. Priority projects will include:

  • “Shovel-ready” projects with 2007 and 2008 credit awards that have been unsuccessful in securing sufficient equity; and,
  • 2009 and 2010 “shovel-ready” projects that have received a reservation of tax credits and have been unsuccessful in securing sufficient equity to make the project feasible.

IHCDA’s announcement also states that Midwestern Disaster Credits are not eligible to be exchanged for cash through Treasury and TCAP funds will not be eligible for developments that have received Midwestern Disaster credits. IHCDA is accepting public comments on the draft policies and procedures until May 22, 2009. read more…