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Tax Credit Assistance Program
HUD Recognized TCAP Commitments for February 16th Deadline
HUD Recognized TCAP Commitments by State
HUD Recognized TCAP Commitments for Mississippi
Notice of ANTICIPATED Tax Credit Assistance Program (TCAP) & ARRA Section 1602 Exchange Implementation
1602
It is anticipated that MHC will begin accepting the return of tax credits for exchange the latter part of October, 2009. It is further anticipated that MHC will receive applications for Exchange funds beginning the first part of November, 2009.TCAP
It is anticipated that final instructions regarding the TCAP project NEPA approval process will be issued by MHC the latter part of October, 2009. Developers are reminded "that they and their contractors must not undertake any choice limiting activities before the execution of the "Authority to use Grant Funds".
Notification of Extension to Issue Notifications of Funding
to Eligible Developments
The Mississippi Home Corporation (MHC) is extending the Notifications of Funding to eligible Tax Credit Assistance Program (TCAP) developments. MHC's TCAP Application Part C (1)(A)(4) that was submitted to the U.S. Department of Housing and Urban Development on May 29, 2009 states that:
“MHC will issue Notifications of Funding to eligible developments within thirty (30) business days after the application submission deadline.”
MHC has reviewed each TCAP application submitted, and is prepared to make TCAP allocation announcements for eligible developments. However, MHC has determined it is in the best interest of the people of the State of Mississippi , the success of the TCAP program, and the Mississippi Home Corporation to take more time to seek clarification of federal regulations and in analyzing the effects of the TCAP program on tax credit developments Statewide.
MHCs deadline for developers to submit applications was July 24, 2009, making the Notifications of Funding to eligible developments due on September 4, 2009. MHC will extend the Notifications of Funding to eligible developments an additional forty-five (45) business days, making the new date for the Notifications of Funding to eligible developments due on November 9, 2009.
Extending the Notifications of Funding to eligible developments an additional forty-five (45) business days will not cause MHC to miss the commitment and expenditure deadlines established in the Recovery Act. As part of the Recovery Acts accountability and transparency requirements, a copy of this notification will be posted on MHC's webpage.
Public Notice(2009.08.11)
The Mississippi Home Corporation (MHC) has issued a Request For Qualifications (RFQ) for Environmental Consultants to support MHC's responsibilities associated with the use of funds under the American Recovery and Reinvestment Act of 2009. MHC will accept responses to the RFQ from Tuesday, August 11, 2009 at 8:00 a.m. until Friday, August 21, 2009 at 4:00p.m.
Download a copy of the RFQ here.
Mississippi Home Corporation (MHC) has received approval from HUD for its plan to administer the Tax Credit Assistance Program (TCAP). The attached application form must be completed in order to apply for funding under this program. Applications must be received by Friday, July 24, 2009 at 4:00 p.m. Please refer to MHC's TCAP Application Plan posted on our website for program details.
NOTICE: Those who have submitted an application for Housing Tax Credits (HTCs)in the 2009 Cycle and have successfully passed the scoring review process may submit an application for TCAP funding during the application period. However, please be advised that your application will not be given consideration for TCAP funding in the event it does not receive an award of HTCs from the 2009 cycle.
- TCAP Developer's Application (Excel Spreadsheet)
- MHC TCAP Application to HUD
- TCAP Applicant List
- TCAP Recipient List (updated 2010/03/23)
About the Program
TCAP allocates $21.8 million in HOME funds to MHC to provide gap financing to shovel-ready developments in order to offset the reduced price paid by investors for tax credits.
- MHC shall distribute these funds competitively and according to their Qualified Allocation Plan (QAP).
- Projects awarded housing tax credits in fiscal years 2007, 2008, or 2009 are eligible for funding, but housing credit agencies must give priority to projects that are expected to be completed by February 2012.
- Seventy-five percent of TCAP funds must be committed by February 2010, 75 percent must be expended by February 2011, and 100 percent of the funds must be expended by February 2012.
- MHC must perform additional asset management duties to ensure compliance with HOME guidelines, such as:
- Environmental compliance review requirements under Section 288 of HOME Investment Partnership Act.
- Labor Standards such as the Davis-Bacon wage requirements
- Federal fair housing requirements
For more information please contact:
David Hancock
Vice President of Federal Reporting and Research
david.hancock@mshc.com
(601) 718-4620