The Georgia Department of Community Affairs (DCA) has issued a reminder to awardees of low-income housing tax credits and 1602 Exchange funds about expenditure deadlines for the program. Any 9% credit project, whether it has any ARRA funding or not, the 10% Test must be met no later than one year from the tax credit carryover allocation date. For properties receiving Section 1602 funds, if the exchange assistance agreement date is before the LIHTC carryover allocation date, it must meet the 10% test no later than the earlier of one year from the tax credit carryover allocation or one year from the date of the exchange assistance agreement. If a property has or will have Section 1602 funding, properties must meet the 30 percent test by December 31, 2010. Read More…