The California Tax Credit Allocation Committee (TCAC) has made available its application for cash in lieu of tax credits under the Tax Credit Exchange program, created by the American Recovery and Reinvestment Act. Under TCAC’s plan, eligible applicants that do not have state credits may receive an award equal to the stated equity in the original application up to 85 cents ($0.85) for 2007 or 2008 reservations of low income housing tax credits. Applications must be submitted to the Committee by May 20 to be considered during its May 27 meeting.  read more…