Update on Proposed Use of TCAP and 1602 funds for California’s Multifamily Affordable Developments IPED June 5, 2009 Presented by: Jeanne Peterson, Principal [email protected] “TCAP” Tax Credit Assistance Program .
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All credit agency restrictions relating to the tax credit award (rent, income, others) apply
40% of annual per capita credit for 2009
+ 40% of state’s share of national pool credit
+ 100% of unallocated 2008 credit
+ 100% of credit returned in 2009
‘07 and ‘08 deals may receive the difference between the equity amount in the original application, up to $.85 for each federal tax credit $ and up to $.10 for each state credit $ up to $.65 if they are seeking only gap financing and keeping their credit. They must adhere to the original placed in service date. If seeking cash, must return entire Reservation.
The ED may exchange a 2008 reservation for a 2009 one if the delay was caused by circumstances beyond control of the sponsor.
2009 deals may receive up to $.80 for each dollar and up to $.55 cents per state credit dollar.
After Reservation, one has 90 days to produce an LOI from equity partner
5 pts for each % that average affordability is below 60% AMI