NOFA TCAP Project Income 2020 LIHTC Funded Project Set-Aside
Purpose
$1,100,000 in TCAP Project Income funds are reserved as gap financing for 2020 LIHTC projects that are experiencing hardship related to COVID-19.
Eligible Borrowers
Nonprofit organizations, for-profit organizations, governmental housing agencies, regional housing authorities, governmental entities, governmental instrumentalities, tribal governments, tribal housing agencies and other entities as outlined in the Notice of Funding Availability (NOFA.)
Eligible Projects
Developments with a 9% LIHTC award from allocation year 2020 that have either:
- Closed on all financing and are under construction or have completed construction but continue to experience hardship related to COVID-19. A development is ineligible if it has already placed-in-service; or
- Have not closed on financing and are experiencing hardship related to COVID-19.
Developments with a 4% LIHTC award and tax-exempt bond financing that have either:
- Closed on all financing and are under construction or have completed construction but continue to experience hardship due to COVID-19. A development is ineligible if it has already placed-in-service; or
- Have not closed on financing and are experiencing a hardship related to COVID-19.
Grant Term
TCAP Project Income funds will be offered in the form of a grant with up to a 15-year term. Borrower must execute a TCAP Program Income grant agreement.
Affordability Requirements
Households earning 80% or less of the area median income (AMI) for 15 years.
Application Submission and Due Date
Applications will be accepted and approved by MFA on a first-come, first-served basis. Applications must be received no later than 60 days prior to a regularly scheduled meeting of the MFA Board of Directors in order to be considered at that meeting. Meetings of the MFA Board of Directors are generally held every third Wednesday of the month. All applications submitted by the deadline for a particular MFA Board of Directors meeting will be treated as one funding round and evaluated concurrently. Subject to fund availability, final funding decisions will be made by MFA’s Board of Directors.