The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by

HUD Hud or HUD may refer to: Entertainment * ''Hud'' (1963 film), a 1963 film starring Paul Newman * ''Hud'' (1986 film), a 1986 Norwegian film * ''HUD'' (TV program), or ''Heads Up Daily'', a Canadian e-sports television program Places * Hud, Fa ...

which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the

American Recovery and Reinvestment Act American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, pe ...

which was signed by President Obama on February 17, 2009. The program is designed to assist troubled LIHTC deals struggling to find a tax credit investor. As a result of the faltering economy and financial markets, the value of Low Income Housing Tax Credits plummeted in 2008 and continued to decline during 2009. Most LIHTC deals struggle to find investors. The TCAP program provides supplemental grant funds to make the project feasible. Administration of the TCAP funds at the Federal level occurs at HUD. HUD then delegates administration of the program on the state level to the designated housing finance agency charged with administering the LIHTC program. HUD established the basic requirements of the program and the state housing finance agencies established more specific qualification and award criteria.

See also