• Agency: NYS Homes and Community Renewal (NYS HCR)
• Status: Unavailable

The Tax Credit Assistance Program (TCAP) was funded with a pool of federal funding distributed to New York State under the federal American Recovery and Reinvestment Act of 2009 (ARRA). New York’s portion of the federal funds was over $250 million. The purpose of TCAP was to provide an alternative equity source for new construction, Low Income Housing Tax Credit (LIHTC) projects that were halted by the recession, which froze the market for tax credits since companies were facing losses and unlikely to have tax liabilities that tax credits would offset. New York State Homes and Community Renewal (HCR) was the federal grantee; they suballocated TCAP funds to the Housing Finance Agency (HFA) and New York City’s Department of Housing Preservation and Development (HPD).