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Tax Credit Exchange Program The American Recovery and Reinvestment Act of 2009 allows the North Dakota Housing Finance Agency (NDHFA) to convert Low Income Housing Tax Credits (LIHTC) to cash if an applicant is unable to find a purchaser for the credits. The cash exchange replaces the equity that would have been invested in the project if the applicant had been able to sell the credits. Conversion of credits into cash awards can be made for 40 percent of the available 2009 annual credit authority; 100 percent of any credits returned from projects in the pipeline that received credit awards in 2007 or 2008; and 100 percent of any unused 2008 credit authority. NDHFA will establish a process by which those who have an award of credits must demonstrate their good faith efforts to obtain investment commitments before the Agency will make an exchange. All funds must be used by Jan. 1, 2011.
For more information on TCEP, contact Planning and Housing Development Division Director Jolene Kline at (701) 328-8080 or (800) 292-8621.
TCEP guidance from the US Department of the Treasury
To learn more about North Dakota's plan for American Recovery and Reinvestment Act funding, www.nd.gov/recovery/ |
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North Dakota Housing Finance Agency 2624 Vermont Avenue, PO Box 1535, Bismarck, ND 58502-1535 Bismarck Main Office -- (701) 328-8080 | ND Toll Free (800) 292-8621 | Fax (701) 328-8090 | TTY (800) 366-6888 Fargo Field Office -- (701) 239-7255 | ND Toll Free (877) 239-3200 | Fax (701) 239-7257 | TTY(800) 366-6888
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Equal Housing Opportunity 
