KHRC Awards $62.4 Million to Build Affordable Rental Housing
Kansas Housing Resources Corporation (KHRC) has awarded $62.4 million in stimulus funds to support the construction of 842 affordable rental housing units. The funds come from the Tax Credit Exchange Program (CEP) and the Tax Credit Assistance Program (TCAP).
KHRC received $43.3 million from the U.S. Department of the Treasury through CEP to convert previously awarded low-income housing tax credits (LIHTC) into cash grants and low-interest deferred loans to jump-start housing developments that stalled due to the economic downturn. The grants may be used to finance the construction, acquisition, or rehabilitation of qualified low-income buildings.
Through TCAP, HUD allocated $17.1 million to Kansas. These funds, which may be converted into low-interest loans or cash grants, support capitalization of housing tax credit projects experiencing diminished tax credit value.
To date, KHRC has closed a total of eight TCAP and 19 CEP developments.