Affordable housing developers are deeply concerned by substantial changes that the California Tax Credit Allocation Committee has proposed for the state’s low-income housing tax credit program. Some of the changes would affect right of first refusal, the way equity is distributed following the sale or refinancing of a low-income housing tax credit property, and the way appraisers assess the value of properties. These provisions, which would have significant impacts on affordable housing across the state and potential ripple effects around the country, would apply to all projects that receive 4% or 9% LIHTCs on or after January 1, 2016.
Click here to view the proposed changes to regulations. The notice includes information regarding public comments on this proposed regulation changes. Interested persons wishing to express their views on the proposed regulation changes may do so either at a public hearing or may submit written comments to TCAC by 5:00 pm on Monday, August 31, 2015.
