The California Tax Credit Allocation Committee has scheduled its first committee meeting of 2013 for January 16, 2013. Those planning to submit an application for the Four Percent (4%) Tax-Exempt Bond program must submit their materials no later than November 16, 2012 for review at the January meeting. CTCAC plans to announce the rest of its 2013 program schedule in the near future. It will be made available on their website. CTCAC anticipates making a change to the deadline for the competitive nine percent (9%) tax credit program. In 2013, the Committee plans to move the deadline up by approximately two weeks from the third week of March to the first week of March. Applicants should be prepared for this earlier deadline.
In preparation for proposed regulation changes for 2013, CTCAC has also released an updated geographic apportionment methodology that has been proposed to update the current Regulation Section 10315(i). Staff originally proposed updating the geographic apportionment methodology in August 2011. The previous methodology divided apportionments into ten regions based on population estimates for each county, adjusted by housing cost, poverty, and urbanization factors. The new dataset would change the geographic apportionments to reflect populations more comparable to the tenant population of low income housing tax credit projects. After collecting input through public forums and reviewing several other data sets and apportionment scenarios, the staff selected to the “Renters with High Housing Cost Burden” (gross rent 50% or more of household income) dataset to calculate the apportionments. The dataset comes from findings from the U.S. Census Bureau’s American Community Survey (ACS) from a five year period. The calculations will be adjusted by the RS Means City Cost Index, which is a national index of construction costs. Click here to review the proposed geographic apportionment methodology.
For more information on CTCAC’s 2013 program schedule and regulation changes, please visit CTCAC’s website.
