On April 15, 2015, the California Assembly Housing and Community Development Committee passed Assembly Bill 35 out of its first committee with a rare unanimous vote. According to the California Housing Partnership Corporation, Assembly 35 will accomplish three main goals:

  1. Increase the amount of State Low Income Housing Tax Credits by $300 million.
  2. Increase the Credit percentage available to each development from 13% to 50% to more effectively leverage federal tax-exempt bond financing and 4% Credits.
  3. Allow for an increase in acquisition Credits for housing developments with low appraised values that serve very low-income, special needs or rural residents in order to make feasible the substantial rehabilitation and preservation of such properties.

The California Tax Credit Allocation Committee has proposed making three regulation changes to the 2015 Low Income Housing Tax Credit Qualified Allocation Plan. TCAC will hold a public hearing on April 28, 2015 to discuss proposed amendments to the QAP. The hearing will begin at 9:00am at the State Treasurer’s Office. Interested persons wishing to express their views on the proposed Regulations may do so at either public hearing, or may submit written comments to the TCAC at the address below by 5:00 pm on Friday, May 15, 2015.

California Tax Credit Allocation Committee

915 Capitol Mall, Room 485

Sacramento, CA 95814