-A A +A

Vermont to receive $5.4 million from HUD

Posted by: VHFA on 6/30/2009

The U.S. Department of Housing and Urban Development (HUD) today awarded more than $5.4 million to benefit affordable housing in Vermont.

The funding comes via HUD's new Tax Credit Assistance Program (TCAP), part of the American Recovery and Reinvestment Act of 2009. TCAP is a grant program that provides capital investments to stalled Low-Income Housing Tax Credit (LIHTC) projects.

The money should help VHFA resume funding of affordable rental housing while stimulating employment in the construction trades.

HUD is awarding TCAP funding to allocating agencies of LIHTC such as VHFA to complete construction of projects that'll provide affordable housing to an estimated 35,000 households nationwide.

Read more in HUD's press release (PDF), issued today.

More information about TCAP is available online.