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OVERVIEW
On February 17th, the President signed the American Recovery and Reinvestment Act (ARRA) in an effort to combat the recession, stimulate the economy, and reinvest in the nation's physical and economic infrastructure. The resources from ARRA will provide New Hampshire with significant additional housing capital.
Section 1602
Section 1602 of ARRA authorizes the US Department of the Treasury to issue cash assistance to State housing credit agencies in lieu of low income housing tax credits (LIHTC). Subawards are made to projects which are selected through the standard LIHTC application and scoring process set forth in New Hampshire Housing's Qualified Allocation Plan (QAP). Selected projects must meet all the requirements of the LIHTC program and the QAP, including 99 years of affordability for some portion of the tenants. New Hampshire Housing anticipates being awarded approximately $27 million in Section 1602 funding in 2009.
Notices of Finding of No Significant Impact on Environment for Section 1602 Projects
Current Section 1602 commitments - updated 11/30/09
Section 1602 Award Letter - 06/09
Section 1602 Grantee Terms and Conditions
Process for Determination of Good Faith Effort (7-28-09)
Section 1602 and TCAP Asset Management Fees - updated 11/20/09
Construction Signage Information for projects using Section 1602 and TCAP funds
Tips on hosting a ground breaking or ribbon cutting event for your Section 1602 project - posted 8/5/09
