NEWS HEADLINES

Tax Credit Exchange Hits $4 Billion Milestone

By Donna Kimura

More than $4 billion in Tax Credit Exchange Program funds have been provided to help spur the development of affordable housing around the country, announced the Treasury Department.

The program, which allows state housing agencies to exchange part of their low-income housing tax credit cap for cash, was created under the American Recovery and Reinvestment Act of 2009.

In the latest round, awards were made to Arizona, Delaware, Georgia, Hawaii, Indiana, Michigan, Minnesota, New Mexico, Ohio, Pennsylvania, and Utah, with Texas being a first-time recipient.

Looking at a full list of funds awarded, Florida has received the most, with more than $580 million, followed by Texas, which has received more than $333 million.