Executive Director
Karen Seddon
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February
2012
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American Recovery and Reinvestment Act of 2009
- The Hawaii Housing Finance and Development Corporation’s (HHFDC), Department of
Business, Economic Development and Tourism (DBEDT), currently administers two
programs of The American Recovery and Reinvestment Act of 2009: The Grants
in Lieu of Low‐Income Housing Credit Allocations for 2009 (Section 1602) and the Tax
Credit Assistance Program (TCAP) for the State of Hawaii.
- The Tax Credit Assistance Program (TCAP) was established to provide financial assistance to fill funding gaps in affordable rental housing developments that use federal Low Income Housing Tax Credits (LIHTC). In the State of Hawaii, the Hawaii Housing Finance and Development Corporation has directed these resources to three affordable rental housing projects: Ainakea Senior Residences, Hale Wai Vista I and Kukui Gardens. A summary of Hawaii’s TCAP activities may be viewed below.
- The Section 1602 Program allows delegated agencies, such as the Hawaii Housing Finance and Development Corporation to exchange LIHTC for direct funds, for eventual subawards to qualified affordable housing projects to finance the construction, acquisition or rehabilitation of rental projects
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