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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.