State Implementation of TCAP and Section 1602

U.S. Government Accountability Office

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About you

1. Who is primarily responsible for completing this questionnaire, in case we need to contact you about your responses?
Enter letters or numbers in each box below.

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Name:

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Title:

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Agency:

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Email:

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Phone:

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Housing Program Background

2. Compared to recent years, considering both urban and rural areas, is your state's current market for low income housing tax credits:
Click one button below.

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Much stronger

Somewhat stronger
About the same
as in recent
years
Somewhat weaker

Much weaker

Other

Number of respondents
1 2 7 18 24 1 53

3. Compared to recent years, how would you characterize the current housing tax credit market in urban versus rural areas in your state? Is it:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Much stronger
in urban areas
Somewhat stronger
in urban areas
About the same
in urban and
rural areas
Somewhat stronger
in rural areas
Much stronger
in rural areas
Don't have both
urban and rural
areas
Don't know

Number of respondents
15 26 8 1 0 2 1 53

4. What is the approximate average tax credit price set at closing in your state for the following years?
Estimate if necessary. Enter numeric digits for each year.

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2007:

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
89.9 90.0 80 97 52

2008:

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
79.5 80.0 65 92 53

2009:

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
67.0 67.5 48 82 52

5. What challenges, if any, has your state HFA faced starting or completing low income housing tax credit (LIHTC) projects prior to the availability of TCAP and Section 1602 program funds?
Enter text in the box below - it will expand to fit your answer.

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

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TCAP

The questions in this section are specifically about the Tax Credit Assistance Program (TCAP). You will have an opportunity to share information regarding the Section 1602 program later in the questionnaire.

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6. Are you planning to use TCAP funds to award grants, loans, or both to selected projects?

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Grants

Loans

Both

Not applicable:
TCAP funding
not awarded
Don't know

Number of respondents
4 37 11 2 0 54






IF "LOANS" or "BOTH": What loan term, in years, will you consider?

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

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IF "LOANS" or "BOTH": What interest rate(s) will you consider?

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

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7. Have you received any applications for TCAP funding?

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
52 1 53

8. How would you describe your application process (e.g., rolling application, multiple application rounds) and what is the expected timeline for receiving applications?

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


9. Have you reached the following milestones in the process of implementing the TCAP program?

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a. Began awarding funds to projects?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
43 10 53





IF YES: What dollar amount of funding has your HFA awarded so far?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
27,697,429.0 16,492,940.0 0 252,659,616 43





IF NO: By what approximate date do you expect to do that?

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

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b. Began disbursing funds to projects?

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
10 43 53





IF YES: What dollar amount of funding has your HFA disbursed so far?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
20,679,293.1 1,632,037.0 0 294,000,000 15





IF NO: By what approximate date do you expect to do that?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


10. Are applications for TCAP funding for 9% tax credit projects treated differently than non-competitive 4% tax credit projects?

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
15 38 53





IF YES: Please describe the differences in the application and/or selection process, and any special selection criteria established for non-competitive 4% tax credit projects.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

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TCAP Applications & Projects

11. Approximately how many 9% LIHTC projects in your state are eligible for TCAP funding? Enter numeric digits.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
37.9 21.0 0 219 53




IF ANY PROJECTS: Approximately how many tax credit housing units do these 9% projects include?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
2,364.6 1,196.0 33 21,443 51

12. Approximately how many 4% LIHTC projects in your state are eligible for TCAP funding? Enter numeric digits.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
13.2 1.0 0 299 53




IF ANY PROJECTS: Approximately how many tax credit housing units do these 4% projects include?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1,855.0 401.0 0 28,871 39

13. To date, how many TCAP applications have been received in your state?
Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
27.2 18.5 0 129 52




IF ANY APPLICATIONS: How many tax credit housing units do these applications include?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1,956.6 1,225.0 68 12,978 49

IF ANY APPLICATIONS: What was the total amount of funding requested in those applications?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
55,491,356.4 32,463,811.5 4,685,981 364,683,554 44

14. Approximately how many total TCAP applications do you expect to receive in your state?
Enter numeric digits; "0" if none. Or click "don't know" to right.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
25.6 18.0 0 129 47



IF ANY APPLICATIONS: How many tax credit housing units do you expect the total amount of applications to include?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1,956.1 1,229.0 138 12,978 43

15. What is the total amount of TCAP funding available to your state?
Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
42,445,608.9 27,300,000.0 0 325,877,114 53

16. Based on the amount of your state's TCAP allocation, how many total projects do you anticipate being able to finance in part with TCAP funds? Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
16.8 12.0 0 57 53






IF ANY PROJECTS: And how many tax credit housing units do you anticipate financing in part with TCAP funds?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1,231.5 791.0 68 7,170 52

17. What is the approximate total number of projects that were originally allocated tax credits in Calendar Year 2007? Enter numeric digits; "0" if none. Please provide your best estimate.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
27.2 19.0 0 189 53






IF ANY PROJECTS: What is the estimated number of such projects that your agency expects may receive a TCAP award?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1.9 0.0 0 18 50


IF ANY PROJECTS: And what do you expect the total amount of TCAP awards may be to such projects receiving CY 2007 tax credits?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
3,692,773.4 527,809.0 0 19,824,331 43

18. What is the approximate total number of projects that were originally allocated tax credits in Calendar Year 2008? Enter numeric digits; "0" if none. Please provide your best estimate.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
28.3 20.0 0 199 53






IF ANY PROJECTS: What is the estimated number of such projects that your agency expects may receive a TCAP award?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
4.8 2.0 0 32 50


IF ANY PROJECTS: And what do you expect the total amount of TCAP awards may be to such projects receiving CY 2008 tax credits?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
13,508,062.6 4,000,000.0 0 185,067,863 45

19. What is the approximate total number of projects that were originally allocated tax credits in Calendar Year 2009? Enter numeric digits; "0" if none. Please provide your best estimate.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
25.2 17.0 1 139 53






IF ANY PROJECTS: What is the estimated number of such projects that your agency expects may receive a TCAP award?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
8.4 6.5 0 32 52


IF ANY PROJECTS: And what do you expect the total amount of TCAP awards may be to such projects receiving CY 2009 tax credits?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
18,512,474.4 12,013,053.0 0 74,207,421 49

20. What is the approximate total number of projects that were forward committed Calendar Year 2010 tax credits in 2009? Enter numeric digits; "0" if none. Please provide your best estimate.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
4.0 1.0 0 44 53






IF ANY PROJECTS: What is the estimated number of such projects that your agency expects may receive a TCAP award?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1.6 0.0 0 12 41


IF ANY PROJECTS: And what do you expect the total amount of TCAP awards may be to such projects receiving CY 2010 tax credits?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
5,280,359.2 0.0 0 41,840,000 39

21. How important is each of the following criteria in your selection of projects for TCAP funding?
Click one answer in each row.

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a. Ability to complete the project within TCAP program deadlines

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
51 1 0 0 0 1 53

b. Project has met or will meet cross cutting federal requirements including prevailing wage and environmental review

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
46 6 0 0 0 1 53

c. Submission of plans or approvals to local government

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The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
23 24 3 0 2 1 53

d. Status of engineering and construction drawings completed

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
21 26 5 0 0 1 53

e. Certified documentation of estimated date of closing

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
20 19 8 1 2 3 53

f. Commitment of investors

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
39 9 1 2 0 2 53

g. Status of financing

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
42 6 2 1 0 2 53

h. Development team capacity and track record

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
35 12 2 0 2 2 53

i. Lower funding per tax credit housing unit constructed or rehabilitated

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
10 18 6 6 8 5 53

j. Tax credit allocation year (e.g. preference for projects allocated older tax credits)

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
15 9 7 9 12 1 53

k. Type of tax credit (9% LIHTC versus 4% LIHTC)

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
5 6 7 4 30 1 53

l. Extent to which projects meet critical housing needs in your state

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
25 18 3 1 4 2 53

m. Job creation

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
15 14 7 7 7 3 53

n. Other - Please describe in the box below

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
8 3 0 1 2 9 23

IF OTHER:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


22. To meet TCAP monitoring and reporting requirements, in your opinion, how easy or difficult will it be to do each of the following?

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a. Obtain timely reports from developers

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
4 25 18 2 4 53

b. Use the Integrated Disbursement and Information System (IDIS) to report project progress and funding status

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
5 23 11 4 9 52

c. Use the Recovery Act Management and Performance System (RAMPS) to report on environmental requirements under Section 1609 of ARRA

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
8 14 10 7 13 52

d. Use federalreporting.gov to meet federal reporting requirements under section 1512 of the Recovery Act

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
3 22 14 8 5 52

e. Assign enough staff to complete monitoring and reporting activities

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
3 13 24 10 3 53

f. Train staff to complete monitoring and reporting activities

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
3 14 27 6 3 53

g. Coordinate with other state and local agencies to support reporting activities

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
6 15 19 6 7 53

h. Other - Please describe in the box below

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
1 1 1 4 8 15

IF OTHER:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


23. In your opinion, over the long term how easy or difficult will it be to meet TCAP monitoring and reporting requirements?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
2 12 29 5 5 53

IF SOMEWHAT OR VERY DIFFICULT: Could you explain why it will be difficult?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

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NEPA

24. Do you currently have any projects that were not required to comply with the National Environmental Policy Act (NEPA) before they applied for or received a TCAP award?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
43 10 53

25. Approximately how many projects do you expect will need to comply with NEPA that were not previously required to comply?
Enter numeric digits.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
9.9 5.5 0 45 48

26. In your opinion, what will be the approximate average increase in per-project development costs associated with NEPA compliance for those projects that were not previously required to comply?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

None
More than 0%,
less than 5%
5 - 10%
11 - 15%
16 - 20%
21 - 25%
26 - 30%
More than 30%
Don't know
Number of respondents
7 25 5 0 2 0 0 0 10 49

27. On average, how much time do you think it will take a project to receive HUD's executed "Authority to Use Grant Funds" approval, considering the following factors: the status of projects eligible for TCAP funds from your agency, the average length of the environmental review, and HUD processing timelines?
Provide your answer starting from the date of the owner's TCAP application if you have engaged in a formal application process, or the date an owner accepts an award of TCAP funds if you have issued solicitation letters to eligible owners.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Up to three months

More than three
but less than
six months
More than six
but less than
nine months
More than nine
months
Don't know

Number of respondents
20 19 6 0 2 47

28. Prior to receiving TCAP funds, has your agency ever administered federal programs that required compliance with NEPA?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
40 13 53

29. IF YES: For which of the following federal programs?

(View question)

a. HUD HOME Investment Partnership Program

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
39 1 0 40

b. USDA RD Section 538 Guaranteed Rural Rental Housing Program

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
2 32 1 35

c. USDA RD Section 515 Rural Rental Housing Program

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
1 33 1 35

d. Community Development Block Grants (CDBG)

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
15 23 0 38

e. Federal Housing Administration Multifamily

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
9 24 2 35

f. Other - Please describe in the box below

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
10 5 3 18

IF OTHER:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


30. Who conducts reviews of any environmental assessments for projects receiving TCAP funds?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Your agency
Another state
agency
A third party
Number of respondents
42 7 4 53






IF ANOTHER AGENCY OR 3RD PARTY: What is the name of that agency or organization?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


31. Which agencies and what funding sources are covering any administrative costs related to the review of the environmental assessments completed for projects receiving TCAP funds?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


32. How much of an increase, if any, do you think there will be to your agency's administrative costs as a result of complying with NEPA for the TCAP program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

None
More than 0%,
less than 5%
5 - 10%
11 - 15%
16 - 20%
21 - 25%
26 - 30%
More than 30%
Don't know
Number of respondents
4 27 8 1 0 0 0 2 11 53

33. What is the most significant benefit of meeting the NEPA requirements?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


34. What is the most significant challenge to meeting the NEPA requirements?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


Davis-Bacon

35. Do you currently have any projects that were not required to comply with Davis-Bacon Prevailing Wages requirements before they applied for or received a TCAP award?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
48 5 53

36. Approximately how many projects do you expect will need to comply with Davis-Bacon that were not previously required to comply?
Enter numeric digits.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
13.4 10.0 0 60 51

37. In your opinion, what will be the approximate average increase in per-project development costs associated with Davis-Bacon compliance for those projects that were not previously required to comply?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

None
More than 0%,
less than 5%
5 - 10%
11 - 15%
16 - 20%
21 - 25%
26 - 30%
More than 30%
Don't know
Number of respondents
4 15 9 4 6 2 2 1 8 51

38. Prior to receiving TCAP funds, has your agency ever administered federal programs that required compliance with Davis-Bacon?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
42 11 53

39. IF YES: Which of the following federal programs were they?

(View question)

a. HUD HOME Investment Partnership Program

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
38 4 0 42

b. USDA RD Section 538 Guaranteed Rural Rental Housing Program

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
2 33 0 35

c. USDA RD Section 515 Rural Rental Housing Program

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
1 35 0 36

d. Community Development Block Grants (CDBG)

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
14 25 0 39

e. Federal Housing Administration Multifamily

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
9 26 1 36

f. Other - Please describe in the box below

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
11 8 2 21

IF OTHER:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


40. How much of an increase, if any, do you think there will be to your agency's administrative costs as a result of monitoring compliance with Davis-Bacon for the TCAP program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

None
More than 0%,
less than 5%
5 - 10%
11 - 15%
16 - 20%
21 - 25%
26 - 30%
More than 30%
Don't know
Number of respondents
6 17 15 2 0 0 2 3 8 53

41. What is the most significant benefit of meeting Davis-Bacon requirements?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


42. What is the most significant challenge to meeting Davis-Bacon requirements?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


Other TCAP requirements

43. Does compliance with any of the following other federal requirements pose any challenges to TCAP program implementation?

(View question)

a. Fair Housing Act

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
0 53 0 53

b. Title VI of the Civil Rights Act of 1964

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
0 52 0 52

c. The Age Discrimination Act of 1975

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
0 53 0 53

d. Affirmatively Furthering Fair Housing

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
1 51 1 53

e. Section 504 of the Rehabilitation Act of 1973

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
5 47 1 53

f. The Lead Based Paint Poisoning Prevention Act and the Residential Lead Based Paint Hazard Reduction Act of 1992

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
2 50 1 53

g. Other - Please describe in the box below

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
2 11 6 19

IF OTHER:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


44. IF YES TO ANY REQUIREMENTS ABOVE: What are those challenges to TCAP implementation?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


45. What are the challenges, if any, posed by the program income requirements outlined in HUD notice CPD-09-03, as revised?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


46. What conditions are you including in your agreements with project owners to enable your agency to recapture TCAP funds in accordance with HUD requirements?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


47. How satisfied or dissatisfied are you with the assistance that you have received from HUD regarding the TCAP program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very satisfied
Somewhat satisfied Neither
Somewhat dissatisfied Very dissatisfied
Don't know
Number of respondents
15 19 9 9 1 0 53

48. What comments do you have, if any, on the type of assistance that you have received from HUD headquarters and/or field offices?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


49. What changes, if any, do you suggest for the TCAP program?

(View question)

"Simplify regulatory complexities, provide administrative funds [or the] ability to charge fees, and eliminate [the] potential repayment requirement to HUD. [The potential repayment requirement] will significantly slow the process down and puts fina ncial risks on our agency to repay someone else's loan for poor performance with no ability to, at the very least, be compensated for our direct out-of-pocket costs."

"Allow state agencies to recover some of their costs of program development, at a minimum."

"Learning the central contractor registry (CCR), IDIS, RAMPS, [and] federalreporting.gov, etc. has been complex for a relatively small, one-time assistance program, so anything that simplifies [reporting requirements] is suggested."

"The three-day limitation on the expenditure of funds after they have been requested and received by [a] state housing agency is difficult to meet in practice. The title company needs to collect lien waivers before they can get full compliance from the s ubcontractors… The deadlines for commitment and expenditure are daunting. Due to the complex nature of these transactions and [an HFA's] desire to layer funds, the underwriting and closing of these transactions are very complex and time-consuming. Deadli nes may likely result in a failure to use some amount of TCAP funds."

"Guidance from HUD is needed to determine whether the state allocating agencies will be held liable for recapture. If the states demonstrate prudence and good faith efforts to recapture and are unsuccessful, will the states be liable?"

"Allow HFAs to cover administrative costs associated with the program [and] extend the placed in service date for projects."

"Extend and expand the [TCAP] program to future years."

"Allow administrative fees [and] remove federal cross-cutting measures."

"Make all requirements [for TCAP] exactly the same as [Section 1602 Program requirements]."

"[An HFA] would recommend that TCAP funds be used in properties that have little or no investment. Many LIHTC properties have HOME funds but no investor and are set up as federal recipient[s]. Allowing TCAP to be used in LIHTC properties with no investo rs would allow for the TCAP funds to get out on the street faster."

"Do not renew [TCAP, but if it is] continued, have [the] same program requirements as [the Section 1602 Program]."

"It would be helpful if projects that had a release of funds under [the National Environmental Policy Act (NEPA)] from another responsible entity did not have [to] complete a second NEPA review."

"At this point there is little to change other than reporting. In that area, HUD should recognize that project owners are vendors, not sub-recipients."

"The main change would be to structure TCAP more like [the Section 1602 Program] than like the [Housing Investment Partnerships Program (HOME)]. Cross-cutting federal rules are an issue because most developers specifically structure their deals to avoid them. Acceptance of TCAP, however critical it may be to an individual deal, poses a significant administrative burden for developers for which they may not be adequately prepared to either account for the true cost of monitoring, or to maintain compliance with those requirements."

"Simplify the quarterly reporting, especially as it relates to job creation."

"Allow administrating agencies to recoup [the] costs of administering the program, including costs associated with the cross-cutting federal regulations"

"Perhaps limiting or [removing] [National Environmental Policy Act] and Davis-Bacon requirements would have sped up getting the funding to the projects."

"Reducing [or] streamlining reporting requirements [such as] allowing a more flexible system of state-by-state reporting based on fewer data elements similar to Treasury [reporting requirement for the Section 1602 Program] would be very helpful. Broader options to reimburse for program costs would also be quite helpful."

"This program adds complexity to an already complex program. Hopefully the markets will recover soon."

"Why would Congress [or] HUD structure certain fees to be excluded from being used within [the] TCAP configuration when the same activity [or] fee is allowed with HOME funds?"

"Policies [or] guidance [should] be published prior to implementing changes."

"Adopt Treasury procedures or explore [a] Congressional change to [transfer the program to] Treasury. TCAP, although needed, should not have been funded under the provisions of HUD. At best, HUD could have streamlined the process."

"Eliminate tracing requirements until cost certification. Similar to [Section 1602 Program requirements], if we were able… [to] verify that the eligible expenditures exceed the TCAP loan amount [through cost certification, it] would greatly simplify the p rocess. Simplify [or] eliminate the [National Environmental Policy Act] environmental review process and Davis-Bacon administration [and] compliance monitoring. Simplify [or] streamline the reporting requirements versus having three systems to enter simi lar, if not the same, data. Eliminate the RAMPS reporting - TCAP is the only program where RAMPS reporting is required, even though other HUD programs have environmental requirements."

Section 1602

This section asks similar questions about your state's participation in the Section 1602 grant program (also referred to as the tax credit exchange program), and what amount of housing tax credits, if any, your state plans to exchange through the Section 1602 program.

(View question)

50. Of your credit ceiling, approximately what dollar amount is returned from the following years?
Enter numeric digits for each year; "0" if none. Or click "don't know" to right.

(View question)

2006:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
476,132.3 0.0 0 10,500,000 50


(View question)

1. Don't know

2007:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1,228,164.5 160,725.5 0 9,516,732 50


(View question)

1. Don't know

2008:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
9,341,203.5 2,049,816.0 0 202,500,000 51


(View question)

1. Don't know

51. What amount of the following types of low income housing tax credits have you or do you plan to exchange?

(View question)

a. Per capita credit

(View question)

Total 2009 per capita credit exchanged to date: Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
4,652,161.0 1,210,544.0 0 78,000,000 53



Additional 2009 per capita credit planned for exchange:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1,654,835.0 0.0 0 22,380,816 46


IF NOT SURE OF ADDITIONAL EXCHANGE AMOUNT: Please explain below.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported




b. National pool credit

(View question)



Total 2009 national pool credit exchanged to date: Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
19,750.4 0.0 0 627,130 53



Additional 2009 national pool credit planned for exchange:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
12,933.3 0.0 0 139,092 46


IF NOT SURE OF ADDITIONAL EXCHANGE AMOUNT: Please explain below.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported




c. Unused 2008 credit

(View question)



Total unused 2008 credit exchanged to date: Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
3,249,500.2 0.0 0 39,268,778 52



Additional unused 2008 credit planned for exchange:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
815,619.5 0.0 0 14,357,580 48


IF NOT SURE OF ADDITIONAL EXCHANGE AMOUNT: Please explain below.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported




d. Returned credit

(View question)



Total 2009 returned credit exchanged to date: Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
3,807,937.1 0.0 0 53,395,657 52



Additional 2009 returned credit planned for exchange:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
7,174,740.9 0.0 0 202,000,000 45


IF NOT SURE OF ADDITIONAL EXCHANGE AMOUNT: Please explain below.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


52. Of the total amount of 2009 returned credit exchanged to date or planned for exchange, what amount was returned from:

(View question)

2008 allocations?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
8,668,748.1 1,835,897.0 0 190,000,000 51

2007 allocations?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1,264,165.5 22,707.0 0 9,516,732 49

2006 allocations?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
351,891.5 0.0 0 5,800,000 47

53. How likely or unlikely is it that your HFA will make any future requests to Treasury for the exchange of low income housing tax credits?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very likely
Somewhat likely
As likely as
unlikely
Somewhat unlikely
Very unlikely
Don't know
Number of respondents
32 3 6 3 6 3 53

54. IF VERY OR SOMEWHAT LIKELY: What is the expected timing of such requests?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


55. IF NO PLANS TO EXCHANGE UNDER SECTION 1602 PROGRAM: What are your agency's reasons for not planning to participate in the program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


Section 1602 Projects & Administration

56. How many total projects do you anticipate being able to finance in part with Section 1602 funds? Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
20.7 15.0 0 97 54

57. IF ANY: In these projects, how many housing units do you anticipate being able to finance in part with Section 1602 funds?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
1,292.7 693.5 0 7,729 54

58. How many total projects do you anticipate will be awarded both TCAP and Section 1602 funds? Enter numeric digits; "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
5.4 1.0 0 43 54

59. IF ANY: In these projects, how many housing units do you anticipate will be funded in part with TCAP and Section 1602 funds?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
372.3 150.0 0 4,042 47

60. How important is each of the following criteria in your selection of projects for Section 1602 funding?

(View question)

a. Ability to complete the project within Section 1602 program deadlines

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
53 0 0 0 0 0 53

b. Submission of plans or approvals to local government

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
18 26 4 2 2 1 53

c. Status of engineering and construction drawings completed

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
18 26 7 1 0 1 53

d. Certified documentation of estimated date of closing

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
24 16 7 3 1 1 52

e. Amount of tax credits with investor commitment

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
31 7 1 3 11 0 53

f. Status of financing

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
43 7 2 1 0 0 53

g. Development team capacity and track record

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
32 15 2 0 2 2 53

h. Lower funding per tax credit housing unit constructed or rehabilitated

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
9 17 8 9 6 4 53

i. Tax credit allocation year (e.g. preference for projects allocated older tax credits)

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
19 11 5 5 12 1 53

j. Type of tax credit (9% LIHTC versus 4% LIHTC)

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
10 5 7 2 29 0 53

k. Job creation

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
14 16 8 6 6 3 53

l. Extent to which projects meet critical housing needs in your state

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
28 18 3 1 2 1 53

m. Other - Please describe in the box below

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very important
Moderately important Somewhat important Slightly important Not at all important Don't know
Number of respondents
5 2 0 0 0 7 14

IF OTHER:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


61. Do you expect to award Section 1602 funding to any projects that do not include any low income housing tax credits as part of the financing?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
32 19 3 54

IF YES: Of these, how many projects were previously allocated low income housing tax credits?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
14.5 7.0 0 86 32

IF YES: Of these, how many projects never included low income housing tax credits as part of the planned financing?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
0.6 0.0 0 20 32

62. What concerns, if any, does your agency have with managing the Section 1602 recapture requirements as described in Treasury guidance?

(View question)

"Liability to the [HFA] if all avenues are exhausted and funds are not available for recapture [is a concern]."

"[An HFA] found it very challenging to structure documents that provide [it] with the same protections (to ensure compliance) as a limited partner would have, [given that it is] not in the ownership structure (and would not want to be) and that there are senior lenders in the deals. [The HFA feels it has] done a very complete job creating a structure that would allow for recapture, but [is] concerned how recapture would occur ([the HFA's] roles, responsibilities and liabilities) if a project fails to meet [Section 1602 Program] requirements."

"It would be helpful if HFA's could file IRS 8823 [forms] for noncompliance or some type of official notice to Treasury when [or] if a recapture event occurs."

"Changes of interpretation in future years [is a concern]."

"Enforcing guarantees from developers and ensuring that [the HFA has] sufficient collateral to cover any potential loss [is a concern]."

"Providing adequate construction oversight and asset management [is a concern]. [It is unclear] what actions are expected by [an HFA] on behalf of Treasury to recapture funds."

"[Treasury should] address the requirement of personal guarantees."

"Recapture issues [are a concern]."

"It is difficult to get cash for recapture that was invested [or] loaned for the development of rental housing without foreclosing on the property, which terminates the tax credits [and] is counterintuitive to the purpose of providing tax credits and [the Section 1602 Program]."

"The extent to which Treasury will hold HFA's accountable for repayment and the lack of clear guidance on this topic [are concerns]."

"The main concern will be to make sure owners and managers clearly understand qualified occupancy requirements and recapture."

"Legal exposure from making the recapture determination [is a concern]."

"Sub-awarding funds as grants adds cost in [this state] and eliminates a compliance tool. Treasury's restrictive recapture rules are also too proscriptive."

"Recapturing conventional tax credits is made more complicated."

"In the event a recapture event occurs, Treasury has indicated [it] will not hold HFA's responsible for the performance of the owner. However, the ability for interpretation in this regard leaves the HFA exposed somewhat over the 15-year compliance period ."

"Because of the original deadlines [for the Section 1602 Program, this HFA] committed to disbursing funds during construction and [has] not done construction lending in the past. There is concern about recapture during construction and the recapture of fu nds from projects that no longer meet low income housing tax credit requirements."

"[An HFA is] concerned about where the money would come from, since it will have already been spent."

"The source of funding for repayment by [a] project sponsor to Treasury is ambiguous."

"There is some concern surrounding the provisions that trigger recapture."

"Recapture of [Section 1602 Program funds] may be difficult, as the sub-award will be between the state and sub-recipient, and [if] Treasury will not be involved with the recapture."

"Guidance was vague causing developers to indicate that allocating agency documentation standards are not required and should not be imposed."

"[An HFA] will have to go through length[y] court procedures to actually enforce [its] recapture requirements."

"Clarity and application of the guidance on a multi-building project [is a concern]. Restrictions on eligible uses have made projects riskier. It increases the need for small, conventional loans to cover a small number of ineligible costs. HFA's must sub ordinate to these very small loans. HFA's do not have resources to cure defaults in those loans or [to] take out a delinquent first mortgage."

"The time and expense of [managing the Section 1602 Program recapture requirements as described in Treasury guidance would be a concern]."

63. In your opinion, how easy or difficult will it be to meet Section 1602 quarterly reporting requirements?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Number of respondents
13 23 11 3 4 54

IF SOMEWHAT OR VERY DIFFICULT: Could you explain why it will be difficult?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


64. How satisfied or dissatisfied are you with the assistance that you have received from Treasury regarding the Section 1602 program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very satisfied
Somewhat satisfied Neither
Somewhat dissatisfied Very dissatisfied
Don't know
Number of respondents
27 19 6 1 0 1 54

65. What comments do you have, if any, on the type of assistance that you have received from Treasury regarding the Section 1602 program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


66. What changes, if any, do you suggest for the Section 1602 program?

(View question)

"Allow loans instead of grants, [and] allow administrative fees."

"Allow for exchange of 2010 [low-income housing tax credits]. Ensure that...the exchange recipient has two full calendar years to complete the development of [its] property. It would be nice if the TCAP had more regulatory simplicity, similar to that of [the Section 1602 Program]."

"States should have broader discretion to require repayment of [Section 1602 Program] funds. While the idea it is a "replacement" for equity may suggest that it should not be a "loan," some equity providers expect a share of cash flow and some portion of back end value (particularly newer "economic" investors) and allowing states to act in such a fashion would not cost Treasury any more and could create program income resources to support future housing investment."

"Permit [Section 1602 Program] funds to be administered as soft loans, similar to the TCAP program."

"Continue [the] program for 1 year."

"Allow some way for HFA's to collect administrative funds."

"[An HFA] suggests that the IRS form[s] 8609 and 8823 include areas of reporting for [Section 1602 Program] properties."

"Some of the technical processing rules related to Section 42 should no longer be applicable, given that there are no longer "tax credits" or investors attributable to the projects. Additionally, the 85 percent expenditure rule seems arbitrary and is inc onsistent with the use of these dollars."

"Allow [states to exchange] 9 percent disaster credits awarded under the [Housing and Economic Recovery Act] (HERA) of 2008. Suspend [the] 10 percent not-for-profit sponsor requirement. Managing all sources [of financing] and confirming that [an HFA has ] met the 10 percent threshold is extremely difficult; we are not certain what the 10 percent threshold actually means with regard to Section 1602 Program funds. One alternative might be to require HFA's to pledge a good faith effort [for meeting] the 10 percent threshold as demonstrated by inclusion in the [Qualified Allocation Plan]."

"[Allow HFA's to charge] administrative fees [and allow] potential repayment of exchange funds."

"This program adds complexity to an already complex program. Hopefully the markets will recover soon."

"Allow HFA's to cover administration and legal costs associated with developing and implementing a new program."

"The program seems to place housing credit allocating agencies in a very uncertain role, having to havethe systems in place (like a limited partner) without any benefit of fees to cover costs (outside asset management).Also there is still some concern [ab out] the agencys liability in the case of an event of recapture. While this has been a great program to get many good projects started, it place[s] the housing credit agency in an uncomfortable position."

"Extend [the] program to future years and include 4 percent credits."

"Allow states to decide whether the sub-award [should] be structured as a loan or grant."

"Allow [administrative] fees to build and administer the program."

"Extend the program and include disaster credits [awarded under the Housing and Economic Recovery Act of 2008]."

"[The Section 1602 Program] has a three-day time limit for the expenditure of funds after they have been received by the state agency. [There are difficulties] with timely disbursement and appropriate title update."

"Allow repayment of the funds to the HFA. The current prohibition seems to be based on a misunderstanding of ARRA and/or the operation of tax credit equity investments. Repayments could be used for additional housing or even returned to Treasury."

"It would help more bond-financed deals proceed if bond credits could also be exchanged."

"Make [the Section 1602 Program] permanent and allow [for] 100 percent exchange [of credits]."

"Allowing agencies to recover, at a minimum, the cost to develop the program [such as] third party legal fees [for preparing] documents."










Asset and Program Management

The questions in this section once again relate to both the TCAP and Section 1602 programs. Please answer the following questions related to compliance with asset management requirements considering both the TCAP and Section 1602 programs, as applicable.

(View question)

67. For TCAP, in which of the following ways do you plan to address asset management requirements?

(View question)

a. Use existing staff?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes

No

Don't know

Not applicable:
no TCAP funding
program
Number of respondents
44 4 2 2 52

b. Hire new staff?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes

No

Don't know

Not applicable:
no TCAP funding
program
Number of respondents
10 31 7 2 50

c. Outsource?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes

No

Don't know

Not applicable:
no TCAP funding
program
Number of respondents
26 19 5 2 52

d. Take other measures? Please describe in the box below

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes

No

Don't know

Not applicable:
no TCAP funding
program
Number of respondents
9 8 11 4 32

IF OTHER MEASURES:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


68. For Section 1602, in which of the following ways do you plan to address asset management requirements?

(View question)

a. Use existing staff?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes


No


Don't know


Not applicable:
no Section 1602
funding program
Number of respondents
43 5 3 1 52

b. Hire new staff?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes


No


Don't know


Not applicable:
no Section 1602
funding program
Number of respondents
10 31 8 1 50

c. Outsource?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes


No


Don't know


Not applicable:
no Section 1602
funding program
Number of respondents
27 18 6 1 52

d. Take other measures? Please describe in the box below

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes


No


Don't know


Not applicable:
no Section 1602
funding program
Number of respondents
5 10 10 3 28

IF OTHER MEASURES:

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


69. IF HIRING NEW STAFF FOR TCAP OR SECTION 1602: How many new staff do you plan to hire, and for what functions or additional activities?
Please specify any differences in staff hired and/or activities performed for TCAP versus the Section 1602 program.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


70. IF OUTSOURCING FOR TCAP OR SECTION 1602: For what functions or additional activities do you plan to outsource?
Please specify any differences in activities outsourced for the TCAP versus the Section 1602 program.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


71. Are you planning to charge asset management fees to projects awarded TCAP funding?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Not applicable Number of respondents
41 8 3 2 54




IF YES: How much do you plan to charge for TCAP?
Estimate fee amounts to the extent possible.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


72. Are you planning to charge asset management fees to projects awarded Section 1602 funding?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Not applicable Number of respondents
40 7 5 1 53




IF YES: How much do you plan to charge for Section 1602?
Estimate fee amounts to the extent possible.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


73. In your opinion, how easy or difficult will it be to meet asset management requirements for the TCAP programs?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Not applicable
Number of respondents
3 23 13 3 10 2 54

IF SOMEWHAT OR VERY DIFFICULT: Could you explain why it will be difficult?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


74. In your opinion, how easy or difficult will it be to meet asset management requirements for the Section 1602 programs?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Not applicable
Number of respondents
2 20 15 4 12 1 54

IF SOMEWHAT OR VERY DIFFICULT: Could you explain why it will be difficult?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


75. Has your agency hired, or does it plan to hire, new staff or outsource any other activities related to program administration and management of TCAP programs?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Not applicable Number of respondents
18 28 6 2 54






IF YES: For what functions or what additional activities does your agency plan to hire new staff or outsource?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


76. Has your agency hired, or does it plan to hire, new staff or outsource any other activities related to program administration and management of Section 1602 programs?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Not applicable Number of respondents
17 29 7 1 54






IF YES: For what functions or what additional activities does your agency plan to hire new staff or outsource?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


Internal Controls & Safeguards

77. What processes have you put in place to verify the accuracy and usefulness (e.g., transparent project descriptions) of project construction data that is reported by project owners for the TCAP and Section 1602 programs?
Please specify any differences in information collected and frequency for TCAP versus the Section 1602 program.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


78. In your opinion, how easy or difficult will it be to track disbursement of TCAP funds for each project?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Not applicable
Number of respondents
14 25 9 1 3 2 54

79. In your opinion, how easy or difficult will it be to track disbursement of Section 1602 funds for each project?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Very easy
Somewhat easy
Somewhat difficult Very difficult
Don't know
Not applicable
Number of respondents
14 29 5 1 4 1 54

80. What changes in oversight activities, if any, has your agency put in place to assure compliance with the TCAP and Section 1602 programs?
Please specify any differences in changes made for compliance with the TCAP versus the Section 1602 program.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


81. In your opinion, how easy or difficult will it be to implement any changes to your agency's internal controls due to implementation of the TCAP program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

No changes necessary Very easy
Somewhat easy
Somewhat difficult
Very difficult
Don't know
Not applicable:
no TCAP
Number of respondents
8 6 23 10 1 4 2 54

82. And in your opinion, how easy or difficult will it be to implement any changes to your agency's internal controls due to implementation of the Section 1602 program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

No changes necessary
Very easy

Somewhat easy

Somewhat difficult
Very difficult

Don't know

Not applicable:
no Section 1602
Number of respondents
8 6 28 8 0 3 1 54

83. What best practices, if any, has your agency put into place to mitigate risk of project failure for TCAP and Section 1602 funded projects?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


Monitoring Results & Impact

84. What steps has your HFA taken to ensure the reliability of the job counts being reported for the TCAP and the Section 1602 programs?
Please specify any differences for TCAP versus the Section 1602 programs.

(View question)

"On-site visits from [our] architect will ensure [our] ability to verify [the] accuracy of job counts reported."

"[It is] still being developed, but contractors have historically had to report on actual "man hours" by trade and business type for state level Equal Employment Opportunity requirements, so we expect this to be achievable, if a bit tedious."

"Data reported at project setup will be reviewed for reasonableness. During construction and draw phases, data will be reviewed to ensure reported data makes sense. Verification of job data reported at project setup will be done first [for] compliance mo nitoring."

"[We] tasked one staff person to handle all job counting duties."

"[We] will rely on owner [or] contractor information regarding job counts and will be onsite monthly to collect and review data."

"[We] developed a questionnaire for contractors and sub-contractors to use in reporting job creation and retention."

"We are providing information to project owners on HUD's methodology for job reporting."

"[We hired an] external asset manager."

"We will compare [the job counts] to Davis-Bacon reports for reasonableness and rely on affidavits from the general contractor."

"We are engaging the owners with reporting instructions as soon as we execute a firm commitment with them. For TCAP, we intend to compare the job counts with the Davis-Bacon certified payrolls. For [the Section 1602 Program,] we will request the methodolo gy behind the owner's estimates and analyze it for reasonableness."

"Estimated jobs supported will be compared with actual job counts as projects are completed."

"We have owners sign a certification statement for the [Section 1602 Program] report, which is a one-time estimate up front. We provided the HUD jobs calculator spreadsheet [to] TCAP recipients to use to calculate the quarterly job figures, [and] we are r elying on owner certifications."

"We will have procedures in place once we implement the [Section 1602 Program]."

"[We] distributed job count guidance as published by HUD."

"[For TCAP we are] following HUD guidance and relying primarily on Davis-Bacon reporting. [For the Section 1602 Program we are] using a tested and existing employment model developed by our in-house research staff and economist."

"We held information sessions [for] our sub-recipients on job counting and [we] are distributing TCAP and [Section 1602 Program] specific job counting guidance to all sub-recipients. We [plan to] inspect reported job counts before they are submitted to e nsure that numbers are within expected ranges and will attempt to verify any questionable data."

"We are relying on TCAP guidance, and capturing jobs created with each draw."

"[We] compare [and] verify information received for each draw request to Davis-Bacon reports."

"We have conducted training [that] included how to recognize jobs to be reported, how to use the department's FTE calculator, and how to input the data. Job information reported quarterly will be reviewed for reasonableness and will be audited during ons ite monitoring visits."

"[We conduct] monthly tracking of all trades."

"[We] distributed HUD reporting guidance to TCAP recipients. [For] TCAP [projects, we compare [job counts] against Davis Bacon [requirements]… [There is no job counting guidance from] Treasury [for Section 1602 Program projects]."

"We anticipate that owners will send job count information along with supporting documentation (payrolls)."

"Ultimately, [we will rely] on the developers to provide accurate job data. With no administration funding for either program, constant onsite monitoring is difficult. However, with TCAP, developers must collect certified payrolls for Davis-Bacon complian ce, which [we] can compare to job numbers provided [by] the developers for TCAP reporting."

"For TCAP, [we] will obtain required documentation and confirm information through site visits."

"We have coordinated with other departments within [the HFA] to ensure that our methodology is consistent with those used by the other departments in our agency."

"We request the developers submit their job counts with descriptions and methodology used."

"[We have done] nothing yet for TCAP as there are no jobs to report. For [the Section 1602 Program] we sent owners a form to fill out specifying the number of jobs in each category (e.g. plumbers)."

"[We are] using [and] communicating [the] HUD job count guidance and accompanying job count calculator."

"[We are] relying on developers' and contractors' information."

"[We] will use the payrolls submitted for the Davis-Bacon requirement and use the formula published for calculating the job count for TCAP. For the Section 1602 Program, we will rely on what [an] owner reports for job counts."

"We will review all reports received based on HUD's guidance."

"[We] created a spreadsheet based on HUD guidance for developers to use in order to achieve an accurate job count."

"For TCAP, [we are] using a combination of [the] HUD FTE workbook completed by [a project] owner and validated against 'hours worked' reporting forms tied to subcontractor invoicing."

"[We plan] to follow the guidance issued by HUD and Treasury on job counting. Borrowers are required to provide accurate reporting to [us]. Developments in [our state] are small, and if a borrower were to overstate or understate a job count, it would pr obably stand out."

"Davis-Bacon data will be used [for] TCAP, [and we are] following Treasury guidance for [Section 1602 Program] reporting."

"[We] will compare job creation reporting to the quarterly wage reports. [We] will also conduct on site inspections periodically during construction."

"Our agency instituted an audit of job counts based on Davis-Bacon reports, data for similar projects, and quarterly meetings with the project's [Recovery Act Section 1512] reporting representative. We have also instituted mandatory training on job count requirements at the preconstruction [meeting]. Both the general partner and the general contractor are required to be present."

"[We] will publish Section 1512 reporting instructions, including instructions on jobs reporting. In addition to written instructions, the Department will publish an Excel jobs reporting template tool to guide each sub-recipient through the calculation of Full Time Equivalent positions. The 1512 reporting will be covered during monitoring [for] the properties."

"We have provided mandatory training to ARRA recipients. Additional instructions with reporting requirements will be sent to awardees. Internal staff will review each report and job count to ensure that reporting is accurate."

"As part of the normal process when administering programs that require Davis-Bacon, we perform quality assurance reviews to ensure quality not only in the monitoring of Davis-Bacon requirements, but also in the reports generated because of those requirem ents."

"[For] TCAP, [we provided] training for sub-recipients, [and we] compare sub-recipient reporting with Davis-Bacon reporting."

"[We have] a pre-construction meeting with the sub-recipient and all of their vendors (subcontractors). Each of the recipients must be able to provide back-up documentation for their number counts. Many of our Section 42 properties already have HOME funds and must meet the Davis-Bacon requirements which also have similar job counting documentation requirements."

"We have provided [the] OMB and HUD job counting guidance to TCAP awardees. Awardees will use the ARRA job reporting template on HUD's website to do reporting & FTE calculations."

"Job count information will be based upon Davis-Bacon wage rate payroll reports. Contractors and subcontractors will be required to distinguish between full- and part-time employees, and existing and new employees."

"[We are] developing standard methodology [for counting jobs]."

85. What guidance have you received from federal entities on reporting project data under the TCAP program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


86. What guidance have you received from federal entities on reporting project data under the Section 1602 program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


87. What challenges, if any, does your agency face in meeting the TCAP and Section 1602 reporting requirements?
Please specify any differences for TCAP versus the Section 1602 program.

(View question)

"Gathering information in a timely manner will be a challenge."

"[We] rely on projects to report specific data in a timely fashion."

"We do not currently have the ability to accept web-based data submissions from sub-recipients, so we are accepting them electronically (by e-mail) and then aggregating the data internally, [which is a challenge]."

"Challenges include ensuring owners and contractors completely understand the instructions for preparing job count data and the short timeframe for receiving owner reports and performing analysis before the 10th day of the new quarter."

"Based on the initial review, the [Section 1602 Program] reporting process appears to be easy to complete. TCAP reporting is extensive and appears to be very time consuming for both the [HFA] and the developers to complete."

"Time [and] staff constraints [are a challenge]."

"The greatest challenge relates to TCAP. Specifically, there are three separate reporting platforms: OMB 1512, HUD IDIS and HUD RAMPS. Ensuring the consistency of data in these three distinct, un-integrated systems is a challenge."

"The TCAP job reporting requirements, as interpreted from OMB, will be onerous and confusing, [and] treating project owners as sub-recipients will lead to additional and unnecessary reporting."

"Without hiring additional staff there will be some difficulty, but we have process[es] and procedures in place to ensure the reporting is completed accurately and in a timely manner."

"Availability of adequate staff time resources at critical times [and] competitive needs for limited resources. Coordination with multiple levels of sub-recipients in a variety of political jurisdictions, [and] meeting report [requirements are all challen ges]."

"As [the HFA] is the prime recipient and is responsible for reporting on the programs, coordination of the data collection in a short time frame is a challenge."

"Ensuring that data submitted by project owners is accurate [is a challenge]."

"The biggest challenge will be ensuring timely and accurate reporting from our sub-recipients and making sure the reporting systems work as envisioned."

"The calculation of jobs created and retained will be more time-consuming for TCAP because we are required to manually calculate these figures based on an OMB formula. Treasury is allowing us to use our existing job counting model for the Section 1602 Pro gram."

"Quarterly reporting for six TCAP deals and seven [Section 1602 Program] deals will take some time to learn and some care to be accurate. The challenge is mostly [an] administrative [challenge], not data gathering [challenge]."

"[The] only challenge is to get data collected quarterly from TCAP recipients. We have not had many reporting periods yet so it is hard to know all challenges at this time."

"First, the requirements under TCAP appear to be more involved than [for the Section 1602 Program]. The information will be more readily available using the Davis-Bacon wage reports for TCAP properties. We will have to design a tracking summary process t o gather relevant information and a report form for [the Section 1602 Program] to generate the same kind of information."

"One of the most challenging aspects is the reporting timeline. Reporting within 10 calendar days of the close of the quarter presents many logistical obstacles."

"Our main challenge is the staffing to prepare and submit the reports and to provide appropriate review of data submitted by sub-recipients. We recently hired new staff who will be assigned the reporting requirements."

"Lack of training on reporting systems [is a challenge]."

"TCAP [is] much more complex and intimidating."

"Most of the information is generated from third parties and [the HFA] is relying on those parties to adequately collect the data and [to] report it in a timely manner. Another challenge is lack of staff and administrative funds to hire additional staff to help with the reporting requirements."

"Additional staffing requirements with [the] inability to offset added expense [is a challenge]."

"Meeting timeframes-getting data together through [the] end of [the] quarter, performing quality control, checking errors, [and] correcting [them] all in time to report to [the] federal website by the 10th of the next month-is a challenge. "

"The voluminous, sometimes conflicting guidance for 5112 reporting has made this very challenging for TCAP. Centralization of reporting in the federal agency responsible for funding would allow consistent, relevant directives for reporting. The LIHTC pro gram is a very complex program in which participants are able to handle reporting requirements. However, conflicting guidance from OMB, HUD, and the state auditors significantly impacted our workload and our ability to move the projects as quickly as we co uld. The [Section 1602 Program] guidance was handled much more efficiently and came directly from Treasury."

"The lack of clear guidance on the TCAP requirements and the time required to gather and send information which requires additional staff time will make the TCAP reporting very onerous. [Section 1602 Program] reporting should be fairly easy and less time consuming."

"Gathering all the required data and ensuring the accuracy of the data [is a challenge]. Another challenge is the reporting to the [state] system and then uploading [data] to federalreporting.gov. [We] still have to try to make sure data is correct in bot h systems."

"For TCAP, the HFA's personnel availability [is a challenge]."

"The frequency and detail [of reporting] will be administratively burdensome and [will] require a great deal of repetitive work."

"[Measuring] jobs will be difficult."

"TCAP reporting will be extremely detailed and will take considerable staff time to verify and complete, [and Section 1602 Program] guidance has been limited. There [have] been significant contradictions in both programs over the differences in reporting requirements."

"Having all interested parties report timely and accurately with limited staff time [is a challenge]."

"[In our state,] state agencies that are recipients of ARRA funds are required to submit the reports first to the state OMB office prior to submitting reports to the federal government. This is to make sure all state agencies' information is accurate and will be successfully submitted. However, the additional step requires the reporting to be completed sooner than the federal requirement and adds one layer of additional reporting for [our HFA]."

"Our systems actually dovetail nicely. The major issue is navigating the federal systems."

"Extra time requirements for existing staff [is a challenge]."

"Time and personnel resources above that of assuring ongoing LIHTC management and compliance [are challenges]."

"Three reporting platforms for TCAP and at least one more for [the Section 1602 Program is a challenge]."

"[There are] conflicting definitions from HUD on "prime," "subrecipient," and vendor on the Section 1512 reports [for] FederalReporting.gov. Reports are changed mid-stream and are not available [for] review until the change is due for the quarter... Diff erent job count definitions [are also a challenge]. Duplicative report information [is] necessary for each program, but [is] due largely during the same timeframes."

88. In your opinion, what level of positive impact, if any, do you think the TCAP and Section 1602 programs will have on the following in your state?

(View question)

a. Health of affordable housing market

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

High impact
Some impact
Little or no
impact
Don't know
Number of respondents
35 14 4 1 54

b. Job creation and preservation

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

High impact
Some impact
Little or no
impact
Don't know
Number of respondents
21 29 3 1 54

c. Assistance to those most impacted by the recession

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

High impact
Some impact
Little or no
impact
Don't know
Number of respondents
16 29 4 5 54

d. Infrastructure investment

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

High impact
Some impact
Little or no
impact
Don't know
Number of respondents
8 22 18 6 54

e. Stabilization of state and local government budgets

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

High impact
Some impact
Little or no
impact
Don't know
Number of respondents
4 12 28 10 54

89. Even with funds from TCAP and the Section 1602 programs, are you having or do you anticipate having problems with the financial feasibility of tax credit projects?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
28 20 6 54






IF YES: Could you please describe those problems?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


Special Issues

90. Is your HFA considering the discretionary 30% boost in eligible basis under the Housing and Economic Recovery Act of 2008 in the selection of projects for either TCAP or Section 1602 funding?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
28 24 2 54







IF YES: Please explain

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


91. Do you have any projects using 2007 tax credits in your state where activity took place but construction was put on hold or construction was stopped due to financing issues?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
23 31 54






IF YES: How many LIHTC projects?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
3.0 1.5 0 13 24

IF YES: How many tax credit housing units?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
229.5 117.5 28 1,200 22

92. Do you have any projects using 2008 tax credits in your state where activity took place but construction was put on hold or construction was stopped due to financing issues?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
25 28 53






IF YES: How many LIHTC projects?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
9.5 6.0 0 38 27

IF YES: How many tax credit housing units?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
629.4 368.0 32 2,468 25

93. Do you have any projects using 2009 tax credits in your state where activity took place but construction was put on hold or construction was stopped due to financing issues?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
14 39 53






IF YES: How many LIHTC projects?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
6.4 5.5 0 15 16

IF YES: How many tax credit housing units?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
379.9 264.0 0 1,228 16

94. IF "YES" TO ANY 2007-2009 ON-HOLD OR STOPPED PROJECTS: How many of these projects, if any, do you expect will be restarted with TCAP funding?
Enter number of projects, or "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
5.8 2.0 0 30 37

95. IF "YES" TO ANY 2007-2009 ON-HOLD OR STOPPED PROJECTS: And how many of these projects, if any, do you expect will be restarted with Section 1602 funding?
Enter number of projects, or "0" if none.

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Mean Median Minimum Maximum Number
of respondents
6.4 2.0 0 36 37

96. Do you have a state housing tax credit program that is similar to the federal LIHTC?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Don't know Number of respondents
14 40 0 54




IF YES: What is or will be the impact, if any, of TCAP and Section 1602 on the state LIHTC tax credit program?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

data intentionally not reported


97. What challenges, if any, has your agency encountered when combining the TCAP and Section 1602 funding with other sources of state or federal financing?
Please specify any differences for TCAP versus the Section 1602 program.

(View question)

"Meeting deadlines for commitment and expenditure mean we need to push the approval and closing of developments. Where there are complicated transactions with other federal programs, completing the federal review process within a tight timeframe is c hallenging."

"Meeting the various tiers of spending requirements between HOME Investment Partnership Program funds, TCAP and [the Section 1602 Program has been a challenge]."

"The TCAP funds trigger further requirements such as Davis-Bacon and [the National Environmental Policy Act] that the project would not otherwise be subject to. The [Section 1602 Program] funds appear to be less restrictive."

"Timing of disbursements and coordination of [National Environmental Policy Act] clearances [is a challenge]. Furthermore, HUD existing program rules [such as for Section 221(d)(4) equity requirements] are inconsistent with [Recovery Act] goals and HUD r emains inflexible with respect to a number of program issues, including lien and disbursement requirements."

"The challenge has been related to ensuring no project was over-subsidized. Lenders reduced their loan amounts, reduced rents, increased operating expenses, and required higher reserves. As a result, blending with other [state] funding and State HOME Inv estment Partnership Program funding has been difficult as a result of the [financing] gap due to reduced loan amounts and that most gap [funding] is awarded on a competitive basis. [For these reasons,] timing, asking for extensions, etc. [have] been ongoin g issue[s]."

"[We have] challenges with federal funds cross cutting requirements."

"TCAP investment has driven project costs up due to Davis Bacon wage requirements. This has required additional investment over and above what was originally proposed for each project."

"Structuring legal entities due to different tax implications [is a challenge]."

"Slow down on environmental and SHPO reviews."

"Due to incompatible program requirements, it is very difficult to use tax credits and TCAP along with Weatherization Program funding in moderate rehab of preservation project."

"The fact that asset management fees are permitted to be charged to projects but not allowed to be paid for with TCAP funds has placed pressure on other state funding resources."

"Since [the HFA's] liability of TCAP is unclear, it has been difficult to combine [TCAP funds] with other funds such as HUD's Section 221(d)(4) program because of the lack of [an HFA's] ability to recapture funds before 40 years if the project is out of c ompliance."

"Identify eligible and ineligible costs."

"Some HUD FHA insurance or Mark to Market programs require other funds to be drawn down into escrow and TCAP and [Section 1602 Program] funds cannot be drawn in advance of need."

"[An HFA] is facing budgetary reductions on our state resources. Typically [the HFA's] funds are also used as gap financing and it has been challenging to make sure the TCAP and [Section 1602 Program] funds are being utilized for financial feasibility whi le trying to stretch our state resources."

"Meeting the federal cross-cutting requirements [is a challenge]."

"Being able to size all sources to fit the restrictions and requirements of all sources is an administrative process, but no real challenges."

"Both TCAP and [the Section 1602 Program] excluded the same costs from eligible uses as do many federal programs. This left gaps in funding because available program funds could not be used to pay ineligible expenses."

"Other funds that could be combined with TCAP and [Section 1602 Program] funds are… [state and local HOME Investment Partnership Program (HOME)] funds, Community Development Block Grant (CDBG) funds, and Federal Home Loan Bank preservation funds. As most of the federal rules for TCAP are the same for HOME and CDBG [programs, we have not experienced] problems [combining these funding sources]."

"Occasionally, [Recovery Act] funds bring prevailing wage costs (state and federal) into state or federally funded projects, [which is a challenge]. Document subordination and loan closing is also challenging."

"TCAP's tax treatment is less favorable to the Section 1602 Program, so developers prefer… [Section 1602 Program] funding. There can be some structuring issues with TCAP, but they can be managed."

"The number of programmatic restrictions has increased the complexity of the documents and generated substantial costs for the legal teams needed to review them."

"FHA mapping guidelines have caused documentation and oversight requirement conflict."

"With limited state subsidy available, [Recovery Act] subsidies have replaced most state subsidies in tax credit projects, [which] may result in a permanent diversion to other needs in the state and/or harder to get back in future."

98. What, if any, innovative approaches or actions has your agency or other state affiliate taken to provide funding to LIHTC projects in your state?

(View question)

"[An HFA developed a program that] is an effort to improve the LIHTC investment market by supporting existing investments, and [the HFA] announced a program to make new deposits from [its] cash reserves in banks making new LIHTC investments in the st ate."

"[An HFA] utilized [Neighborhood Stabilization Program] funding on 2 projects."

"[An HFA] is providing construction financing because of the required short time frame to expend the funds."

"[An HFA used a] partial exchange of tax credits under [the Section 1602 Program] to create [a] subsidy pool from excess [low-income housing tax credits.]"

"[An HFA has] seen local agencies provide more bond financing. When reviewing applications[, it] sought to maximize private sector investment in LIHTC projects by providing additional resources, not just TCAP and [Section 1602 Program] funds, to fill gap s."

"[An HFA] use[d] the basis boost provisions of [the Housing and Economic Recovery Act of 2008] (HERA) to help fill financing gaps due to declining credit pricing."

"[An HFA has incorporated] continuous coordination and evaluation of projects to make them work with ARRA funding. "

"[An HFA] encouraged local banks and syndicators to become involved in LIHTC investment."

"[An HFA is] using TCAP to bridge equity, which will increase the pricing and, in some cases, allow for investment where there would have been none."

"[An HFA] worked with syndicators and direct investors very closely to address underwriting and market concerns [and] combined TCAP with HOME funded projects that had a gap in financing. By requiring [a syndicator or investor to] purchase of the tax cred its before adding TCAP or [Section 1602 Program] funds, [this HFA] reduced the cost of asset management and was able to initiate construction of considerably more projects."

"[An HFA] has developed partnerships with local equity investors and the banking community and has strived to be as flexible with [its] funding to make a project financial[ly] feasible and viable. [The HFA] takes pride [in] working with all our partners to assure that affordable housing continues to be produced for the citizens of [the state]."

"[An HFA] is working with two projects to allow a swap of credits to benefit both projects. One project would swap a certain amount of its 2009 credits for a like amount [of] 2010 credits from the other project that is not able to find an equity investor . This swap will allow one project more time to complete[,] while allowing the other project to exchange credits in order to complete the much needed rehab for its special needs residents."

"[An HFA] converted 2006 [and] 2007 [low-income housing tax credits] to 2009 credits, allowed higher per unit caps, and made amendments to [Qualified Allocation Plans] aimed at giving developers additional flexibility."

"[An HFA] creat[ed] and use[s] a state sponsored equity fund."

"[An HFA's] tax credit allocation process follows a two-year rolling cycle ([it] allocate[s] the current year's ceiling credits and the next year's ceiling). The loss of investors and decrease in equity pricing hit [the HFA's state] too, but [the] proces s [the HFA follows had] already built in time for developers to secure permits and funding. Therefore [the HFA] had fewer projects freeze up than [in] other states. Local and regional banks in [the region] that do a lot of equity investing remained relati vely profitable, so [the HFA] also saw less of a loss of investors than other parts of the country. Despite these two positive factors, the [HFA's] projects in [the] pipeline face substantial gaps that TCAP and [Section 1602 Program funds] are critical to fill. If [these] funds were not available, fewer developments would be able to proceed."

"[An HFA] provided HOME funds during the tax credit application cycle and restructured the repayment terms to make developments more financially feasible. [It] also allowed the entire state to be a [Difficult Development area] (DDA) thereby giving all de velopments a basis boost in tax credits."

"[An HFA] recently replaced a state funding resource not currently available due to economic conditions with federal HOME funds to assist with LIHTC developments targeting the homeless population."

"[An HFA] utilized [its] state affordable housing trust fund to further close gaps when necessary."

"[An HFA] has a multifamily consolidated [request for proposal that] combines statewide resources from other state agencies [and] local philanthropic organizations' funding to establish a 'one stop shop' for deferred loan funding, first mortgage financing , rental assistance[,] and [an] operating subsidy. In addition, [the HFA,] in partnership with [the state's department of commerce and governor, is] planning a meeting with the [state's] business community to encourage investing in LIHTC projects in [the state] expected to occur in December [in an effort] to bring back old investors or bring in new investors."

"[An HFA] forward-committed LIHTC[s] to projects to attract investors and increased the per-project and per-sponsor caps to help fill the funding gap."

99. Do you have any other comments or suggestions related to the issues addressed in this questionnaire, or explanations of any of your answers in this questionnaire?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

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Finished?

100. Have you finished this questionnaire?

(View question)

The SAS System
 
 
State Implementation of TCAP and Section 1602
U.S. Government Accountability Office

Yes No Number of respondents
54 0 54