The U.S. Department of the Treasury on July 9 released additional guidance with regards to the Recovery Act’s Section 1602 Exchange Program, which provides grants to states for housing projects in lieu of low-income housing tax credits for 2009.  The guidance is in the form of frequently asked questions and answers, and is intended to help recipients understand and comply with the program’s requirements. The guidance addresses:



    o        Application process;


    o        Awardee eligibility;


    o        Eligible projects;


    o        Use of awarded funds;


    o        Written agreements and disbursements to subawardees;


    o        Asset management;


    o        Compliance with the 2009 state housing credit ceiling;


    o        Reporting;


    o        Recapture;


    o        Financial management;


    o        Disallowance, termination and suspension



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