Funding Level: $101,134,952
Overview: Gap financing for the Low Income Housing Tax Credit program. Florida Housing is required to award funds competitively to developments that have already been awarded low income housing tax credits in 2007-09, because they could not obtain equity in exchange for those credits and require additional funds to “complete an overall financing package.” HUD has not provided regulatory direction yet, but most agree that this funding will not be available to projects that have never received an award of credits.
For More Information:
http://flarecovery.com/about/state-and-local-projects/other-aid/low-income-housing-tax-credit-assistance
http://www.hud.gov/recovery/tax-credit.cfm
Federal Contact: Department of Housing and Urban Development
State Contact: Florida Office of Economic Recovery