HUD Will Allow TCAP Funds To Be Used for Land Acquisition

摘要

HUD issued a revised low-income housing tax credit assistance program (TCAP) notice (CPD-09-03-REV) on July 27 that will allow TCAP funds to be used for the costs of land acquisition, on-site demolition, and remediation of hazardous materials, as well as costs in-cludable in eligible basis.rnThe original notice, issued on May 4, was criticized by tax credit participants for limiting TCAP funds to costs that are included in eligible basis. (For background, see Current Developments, Vol. 37. No. CD-10, p. 291.)rnThe notice also extends TCAP eligibility to projects with Gulf opportunity (GO) zone or disaster area credits, as provided in the recently enacted fiscal 2009 supplemental appropriations bill (H.R. 2346).