Asset Management > Program Compliance

> Tax Credit Replacement (TCR) Funds

The Tax Credit Replacement (TCR) or Section 1602 Exchange Program was created by the American Recovery and Reinvestment Act of 2009 (ARRA) to maintain jobs and increase the affordable housing supply. The program funding is used to address gaps created by diminished investor demand for rental housing credits. MHDC is charged with performing asset management functions on projects developed using TCR funds to ensure compliance with Section 42 of the Internal Revenue Code and the long-term viability of such projects.