Low Income Housing Tax Credit Exchange Expansion and Job Creation Act of 2010 - Directs the Secretary of the Treasury to make grants to: (1) state housing credit agencies in lieu of low-income credit allocations in 2010; and (2) states for bond-subsidized housing projects.
Requires state housing credit agencies and states to use grants to make subawards to finance the construction or acquisition and rehabilitation of qualified low-income buildings. Requires the return of grant funds not used to make such subawards before January 1, 2012.