AGG Housing Finance & Community Development Practice Group Update

The American Recovery and Reinvestment Act of 2009 (“ARRA” or “Recovery Act”) recently signed into law by President Obama is intended to help jumpstart the economy, and among other things, offers additional funding and increased incentives to various programs that should favorably impact affordable multi-family housing and community development. Specifically, ARRA: (i) allocates additional HOME tax credit assistance program (“TCAP”) funds to state housing credit agencies; (ii) offers state housing credit agencies the opportunity to receive grants from the Federal Treasury in exchange for a portion of their 2009 Low Income Housing Tax Credit (“LIHTC”) allocation authority and/or all of their unused 2008 LIHTC authority; (iii) provides various additional funds to public housing agencies; and (iv) increases funding for the New Markets Tax Credit (“NMTC”) program.

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