GAO concludes year-long review of Recovery Act programs run by state HFAs

By: Leslie Black-Plumeau

The U.S. Government Accountability Office (GAO) published a report last month on the status of the Tax Credit Assistance Program (TCAP) and Section 1602 (Exchange) programs.  These two HFA-administered programs were created by the American Reinvestment and Recovery Act of 2009 to address Low-Income Housing Tax Credit market disruptions and to help restart affordable housing projects stalled by the recession. 

Based on information collected from VHFA and its HFA counterparts in other states as well as from the U.S. Treasury and HUD, GAO concluded that all HFAs had met their December 2011 deadlines for disbursing Exchange program funds and that most had met their February 2012 deadlines for TCAP funds. 

HFAs identified several factors that helped them meet the deadlines, particularly their experience and established practices and procedures.

Read the National Council of State Housing Agencies summary of the report.