Program Plan
Department of the Treasury - Cash Assistance to States in Lieu of Low-Income Housing Tax Credits Recovery Plan
Updated 05/14/2009
Objectives
Program Purpose
The purpose of this program is to temporarily fill the gap left by a diminished demand for low-income housing tax credits. The program will allow construction or acquisition and rehabilitation of low-income housing projects to continue where developers are unable to proceed due to insufficient financing. The program will address the near-term goal of creating and retaining jobs, as well as the long-term benefit of increasing the affordable housing supply.
Public Benefits
Cash assistance will be awarded to State Housing Credit Agencies which will use the funds to make sub-awards to fund the construction and/or acquisition and rehabilitation of low-income housing projects, creating jobs and increasing the supply of low-income housing. Sub-awards are made on a case-by-case basis at the State’s discretion with the goal of meeting the low-income housing needs of communities.
Measures
The measures have been revised to enrich the performance metrics for Recovery targets. In some instances, targets will not be available until additional baseline data has been collected.
| Measure | Target/Actual |
|---|
| 2009 | 2010 | 2011 | 2012 |
|---|
[-]
Cycle time in days between receipt of application and date of award | 0/0 | - | - | - |
Measure Information
| Frequency : Quarterly | | Direction : Decreasing | | Type : Efficiency | | Explanation : Number of days between receipt of the application and the date of award notification. | | Unit : Days |
|
[-]
Cycle time in days between notification date and funding | 0/0 | - | - | - |
Measure Information
| Frequency : Quarterly | | Direction : Decreasing | | Type : Efficiency | | Explanation : Number of days between the date of award notification and the date the funds are available for drawdown. | | Unit : Days |
|
Schedule and Milestones
The application package for awards -- which includes a general notice, application, instructions, and terms and conditions -- was available May 4, 2009.
Applications will be reviewed within 10 days of receipt.
If appropriate, applications will be approved and a Notice of Award will be sent to the applicant within 5 days from completion of the review.
Funds will be made available to the recipient for drawdown within 5 days of the Award.
We anticipate that each State agency will make multiple applications as more information necessary to determine the maximum amount of the grant becomes known. We expect to receive the first round of applications beginning in May.
Milestones
| Milestone |
Completion Date |
| General information is released on Treasury.gov website about the program |
03/24/2009 |
| Application package is available |
05/04/2009 |
| Begin receipt of awardee performance data |
07/10/2009 |
Projects and Activities
The State Housing agencies that receive awards under this program use the funds to help finance either the construction of new low-income housing projects or the acquisition and rehabilitation of existing low-income buildings. Qualification for assistance is determined by section 42 of the Internal Revenue Code.
Review Process
5.1 RISK MANAGEMENT/INTERNAL CONTROL PLAN
• For each Recovery Act program involving implementation of provisions or obligations of Recovery Act funds in FY 2009, the bureaus will perform actions 5.1.1 through 5.1.4 by April 15, 2009, with completion of 5.1.6 shortly thereafter
• Step 5.1.5 will be ongoing
• Supporting documentation will be maintained by each bureau so that it is readily accessible in the event of an audit or other needs
5.1.1 Identify and Document Program-Specific Risks
• Review pertinent existing risk assessments
• Review pertinent OMB Circular A-123/Appendix A test results, Improper Payments Information Act assessments, etc.
• Review pertinent GAO/OIG/TIGTA audit reports and related corrective action plans
5.1.2 Identify and Document Applicable Current Process Internal Controls
5.1.3 Assess Program-Specific Risks in View of Existing Controls
• Take the Risk/Impact Questionnaire to rate risks and impacts, taking into consideration the findings identified in 5.1.1 and all OMB-prescribed Recovery Act transparency and accountability objectives
• Use the “Consequence-Probability Table” (Risk/Impact Matrix) to determine the overall (combined) Risk/Impact rating
• Document assessments
5.1.4 Mitigate Risks and Impacts
• For each Program with an overall Risk/Impact rating of “High” or “Medium”:
• Identify and update existing risk mitigation plans to implement Recovery Act-related controls; plans should include regularly scheduled monitoring and testing of risk mitigation plans and controls
• Develop and execute new risk mitigation plans as needed; plans should include regularly scheduled monitoring and testing of risk mitigation plans and controls
5.1.5 Monitor Risk Mitigation Plans
• As outlined in each risk mitigation plan (per 5.1.4), each risk mitigation plan must be monitored regularly for timely and effective implementation of corrective actions and testing of controls
• Bureaus with responsibility for Recovery Act programs will leverage existing organizations and entities (e.g., A-123/Appendix A Senior Assessment Team, Senior Management Council, et al) to review, assess, and manage Recovery Act risk
• Bureaus will provide monthly progress reports on risk management to the Treasury DCFO for each program
5.1.6 Certify Completion of Risk Assessment/Development of Mitigation Plan
• Bureau Recovery Act Senior Accountable Official will sign/date a certification for each program
• Submit signed certification to Treasury DCFO
Cost and Performance Plan
Awardees will be required to report performance data as follows:
• Name of recipient entity
• Name of project
• Brief description of project
• Location of project: city/county, state, zip code
• Number of construction jobs
• Number of non-construction jobs
• Number of total housing units newly constructed
• Number of total housing units rehabilitated
• Number of low-income housing units newly constructed
• Number of low-income housing units rehabilitated
All of the above data will be made publicly available.
Energy Efficiency Spending Plans
The funding provided to Treasury to implement the provisions of the Recovery Act has no identifiable issues with the National Environmental Policy Act, the National Historic Preservation Act, or any Federal Infrastructure investments.
Program Plan Award Types
No Data Available