ANNAPOLIS, MD- The Government Accountability Office issued this report last week examining the nation’s Housing Finance Agencies’ use of the Tax Credit Assistant Program funds. According to The National Council of State and Housing Agencies’ assessment of the report, the GAO had found that HFAs, like DHCD, have been successful in their implementation of TCAP.
TCAP funds were administered by the United States Department of Housing and Urban Development as part of the American Recovery and Reinvestment Act. The Recovery Act was implemented after the faltering of home income tax credit in 2008 and continued decline in 2009. The TCAP funds where meant to provide supplemental grants to HFAs so they may pursue housing projects and revitalize local economies.
Because of HFAs’ monitoring of building sites and construction zones, heavy reliance on experienced staff and effective communication between local bureaucratic agents and federal authorizes, the GAO found that TCAP funds where used optimally to reinvigorate the housing markets on the state level.
The DHCD received $31.7 million out of the $54 million it requested of the TCAP funds. The DHCD awarded the funds to 15 different community development projects, which in turn produced 1,400 new home units and over 750 new jobs. The DHCD efforts have poured $204 million back into Maryland’s economy.
- By Tito Aderemi-Ibitola