GAO Looking at TCAP, Exchange Programs

By Caitlin Jones
December 30, 2009 1 min read

Tax Credit Advisor, December 2009: The Government Accountability Office (GAO) is conducting a study of how state housing credit agencies (HCA)s are administering the new federal Tax Credit Assistance Program (TCAP) and Section 1602 credit exchange program.

Established by the American Recovery and Reinvestment Act (ARRA), the programs provide federal grant funds through state HCAs to developers to close funding gaps in stalled low-income housing tax credit (LIHTC) projects and move them forward.

GAO official Matthew Scire said the study is designed to gather information on the experiences of state HCAs in implementing the two new programs, on the challenges they face, and “where they are in selecting projects.” GAO recently sent a survey form to 50 state agencies to collect this information.

Scire hoped the study will be completed early next year.

Meanwhile, the Office of Inspector General of the U.S. Department of Housing and Urban Development (HUD) is said to be conducting a separate study of the TCAP program. A HUD spokesperson declined comment.

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