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The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The Tax Credit Assistance Program (TCAP) is a Federal housing grant program administered by HUD which assists Low Income Housing Tax Credit (LIHTC) projects funded during 2007, 2008 and 2009. The TCAP program is part of the American Recovery and Reinvestment Act which was signed by President Obama on February 17, 2009.
Later, it says "as much as 30 to 40% of all new multifamily construction has received a subsidy under the program." (Again, misleading wording. The LIHTC is hardly a "program" and doesn't "subsidize" anything. Well, indirectly, I guess. In general, the language throughout mischaracterizes what a tax credit is.
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