The California Tax Credit Allocation Committee recently released its 2009 applications for 4% and 9% tax credit exchange and gap financing. 9% credit ceiling reservation holders may apply for full or partial exchange for cash in lieu of tax credits. Developers with an existing 4% tax-exempt bond reservation may apply for an exchange for cash in lieu of credits, or for gap financing based on equity factors in the original tax credit application.  Application deadlines TBD.  Read more…