Tax Credit Assistance (TCAP) and Exchange Program
The Minneapolis Community Planning and Economic Development (CPED) Department is soliciting applications for the Tax Credit Assistance Program (TCAP) and Section 1602/Exchange Program for qualified residential rental properties located in the City of Minneapolis who have received an allocation of LIHTC under Section 42(h) of the IRC 1986 during fiscal years 2007, 2008 or 2009 (October 1, 2006 through September 30, 2009).
The American Recovery and Reinvestment Act (ARRA) is an effort to stimulate the economy, create jobs and invest in infrastructure for long term economic benefits. These resources are an effort to bring "shovel ready" projects to production and close financing gaps in these projects created by reduced credit pricing and lack of syndication equity.
Minneapolis on behalf of the Joint Powers Suballocating agencies will receive a portion of the State's allocation based on Minnesota Statutory formula for tax credits to administer TCAP and Exchange Programs. The TCAP distribution for Minneapolis is: $3,233,539
Application Materials:
All applications, including those mailed must be received no later than 4:00 p.m. July 7, 2009. TCAP selection criteria, application submission requirements and required forms are located on the City of Minneapolis web page at:
TCAP Selection Process and Criteria
TCAP Self Scoring Worksheet
NOTE: All applicants should refer to the Tax Credit Procedural Manual and QAP for tax credit information not related to the TCAP and Exchange Program Guidelines.
Please contact Dollie Crowther at (612) 673-5263 with questions.
Online information from the City of Minneapolis at MinneapolisMN.gov/CPED
Updated June 23, 2009
Last updated Sep. 27, 2011