Saving Stalled Deals States Award More Than $3 Billion in Exchange Funds So Far

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State housing credit agencies have awarded more than $3 billion so far in federal Section 1602 exchange funds to affordable rental housing projects, with a little more than tenth this amount not yet awarded, according to responses to a May survey by the Tax Credit Advisor.

At the same time, the agencies have committed about $215 million in low-income housing tax credits from their 2010 housing credit ceiling, have a larger amount yet to award, and have committed few anticipated 2011 credits.

Thirty-seven state agencies and the city of Chicago responded to the survey. They reported on their commitment volume so far of 2010 and 2011 housing credits, their future LIHTC application deadlines, and on the amount of 1602 funds that they’ve awarded to projects (see pp. 32-33 for chart).

As of the date of their survey answers, the responding housing credit agencies:

  • Had committing nearly $3.1 billion in 1602 funds to 723 projects with 46,822 units. Above $100 million each were Indiana, Massachusetts, Michigan, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, and Texas. (California and Florida did not respond; New York did not participate in the 1602 program.)
  • Had $338.7 million in remaining 1602 funds on hand not yet awarded to specific projects. No states reported firm future application deadlines for remaining funds.
  • Had committed $49.2 million so far in anticipated 2011 housing credits. Eleven state agencies did so, with the largest by New Jersey.