American Recovery and Reinvestment Act
Overview
On February 17, 2009, President Barack Obama signed the
American Recovery and Reinvestment Act of 2009 (ARRA). As a
result, Connecticut is positioned to receive nearly $3
billion for initiatives and efforts to strengthen the
state’s economy, create dependable jobs and invest in
efforts that will help the state grow and prosper. The
funding Connecticut will receive through ARRA will allow the
state to invest in education and job training, energy and
the environment, highway infrastructure and mass transit,
and human health and housing initiatives.
ARRA provides the Connecticut Housing Finance Authority
(CHFA) with two new tools to assist in the development of
affordable rental housing through the Low-Income Housing Tax
Credit (LIHTC) Program. These tools include the Tax Credit
Assistance Program (TCAP), which will provide direct funding
to CHFA through the federal Department of Housing and Urban
Development (HUD), and a “tax credit exchange” that will
allow CHFA to return unused low-income housing tax credits
to the U.S. Treasury in exchange for cash grants.
The United States Department of Housing and Urban
Development Tax Credit Assistance Program webpage can be
found
here.
The United State Department of the Treasury Tax Credit
Exchange Program webpage can be found
here.