A message from Mark Stivers, Executive Director of the California Tax Credit Allocation Committee (emphasis added):
Dear TCAC stakeholder community,
In the event that the Committee on December 14 approves the proposed regulation change giving me some flexibility on how to respond to 2016 competitive tax credit reservation awardees who miss their readiness deadlines, I intend to extend the 90-day letter of intent deadline for 2016 second round awardees by 90 days in light of the current turmoil in the tax credit market.
This notice does not affect the 180- or 194-day closing deadline for either 2016 first or second round projects. TCAC is pleased that all projects with a December 5 closing deadline met their milestone. TCAC will further assess the situation after the December 19 closing deadline to consider whether any additional steps are necessary.
Mark Stivers
Executive Director
California Tax Credit Allocation Committee
915 Capitol Mall, Room 485
Sacramento, California 95814
Ph. (916) 654-6340
Fax: (916) 654-6033
California Tax Credit Allocation Committee website
