Tax Credit Assistance Program (TCAP)
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Tax Credit Assistance Program (TCAP)

Division A, Title XII of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5) (Recovery Act) appropriated $2.250 billion under the HOME Investment Partnerships (HOME) Program heading for a grant program, known as the Tax Credit Assistance Program (TCAP), to provide funds for capital investments in Low-Income Housing Tax Credit projects.

A major purpose of TCAP funds is to immediately create new jobs or save jobs at risk of being lost due to the current economic crisis.

The State of New Jersey is eligible for TCAP funding in the amount of $61,243,670. As the housing credit agency responsible for administration of the Low Income Housing Tax Credit Program, the New Jersey Housing and Mortgage Finance Agency (HMFA) has also been charged with administration of the TCAP Program.

HMFA shall submit a statement of intent to accept TCAP funds to HUD no later than June 3, 2009. In accordance with HUD submission requirements, this document sets forth the selection criteria proposed by HMFA for projects requesting TCAP funds and the priorities HMFA shall use to competitively award TCAP funds. The provisions of this notice shall be interpreted in a manner consistent with the requirements of HUD Notice: CPD-09-03.

Associated Downloadable Tax Credit Assistance Program (TCAP) Documents