February 3 — California Tax Credit Allocation Committee updated its 2016 applications. The following changes have been made to the 9% and 4% + state credit applications:

  • The final tie breaker calculation has been corrected to include the total reductions to eligible basis.
  • The final tie breaker denominators can be accessed by applicants for reductions related to offsite costs.
  • Guidance had been added to the Lowest Income Points category clarifying that hold harmless rents are not eligible for lowest income points.
  • Text has been added to the Sources and Uses Budget sheet to assist owners in their future placed in service submissions.  The owner and tax professional signatory information have been added.
  • Checklist Tab 4 includes guidance related to rehabilitation scattered site projects that qualify for more than one housing type.

The following changes have been made to the 4% applications:

  • The applicable percentage has been changed to 3.25%.
  • Text has been added to the Sources and Uses Budget sheet to assist owners in their future placed in service submissions.  The owner and tax professional signatory information have been added.

The sustainable building method and energy efficiency workbook is currently being revised and will be available shortly.  TCAC will send a subsequent notice when the 2016 Sustainable Building Method Workbook documentation is available.

California Posts 2016 Applications for 9% and 4% Tax Credits

January 20 — The California Tax Credit Allocation Committee posted 2016 applications for 9% Competitive Tax Credits, 4% Competitive Tax-Exempt Bonds Combining Federal and State Tax Credits, and 4% Tax Credits with Tax-Exempt Bond Financing.

TCAC also posted the following attachments:

  • Attachment 4(A) – Applicant Large Family Eligibility Certification
  • Attachment 4(B) – Applicant Senior Eligibility Certification
  • Attachment 4(C) – Applicant Single Room Occupancy (SRO) Eligibility Certification
  • Attachment 4(D) – Applicant Special Needs Eligibility Certification
  • Attachment 4(E) – Applicant At-Risk Eligibility Certification
  • Attachment 5 – Legal Status Questionnaire
  • Attachment 8 – Rehabilitation Summary
  • Attachment 10 – Minimum Construction Standards
  • Attachment 12 – Construction and Design Description
  • Attachment 14 – Verification of Zoning
  • Attachment 16 – Terms of Syndication Agreement
  • Attachment 18(A) – Local Development Impact Fees
  • Attachment 18(B) – Architect Threshold Basis Limit Certification
  • Attachment 21 – General Partner (G.P.) Experience
  • Attachment 22 – Management Company Experience
  • Attachment 24 – Service Amenities
  • Attachment 25 – Architect Sustainable Building Method Certification
    • New Construction / Adaptive Reuse
    • Rehabilitation
  • Attachment 26 – Approvals Necessary to Begin Construction
  • Attachment 27 – Enhanced Accessibility and Visitability Architect Certification
  • Attachment 28 – Farmworker Eligibility Certification