The
measure,
required
by
law,
took
effect
on
1
March
and
will
continue
through
the
end
of
the
fiscal
year
on
30
September.
After
then,
the
reduced
rate
may
change.
Created
by
the
2009
American
Recovery
and
Reinvestment
Act,
popularly
known
as
the
economic
stimulus
law,
the
1603
programme
offers
an
upfront
cash
payment
for
as
much
as
30%
of
development
costs
in
lieu
of
claiming
the
federal
investment
tax
credit.
It
was
designed
to
provide
liquidity
and
attract
private
capital
for
projects
after
tax
equity
investors
fled
the
market
during
the
2008-09…
