The California Tax Credit Allocation Committee (TCAC) released guidance for first round 2019 applicants that are re-applying in the second round. Applicants must submit a complete application consisting of:

  • Electronic submission of the MS Excel application (“Updated May 23, 2019” version with the 2019 Income and Rent Limits) and all attachments in the form of a USB flash drive (original and back-up copy – 2 total);
  • Signed and notarized applicant statement (see the Excel application instructions); and
  • $1,000 application fee paid by cashier’s check (no copy needs to be submitted to the Local Reviewing Agency (LRA) unless there are substantial changes to the application from the first round, in which case you would need to submit an additional $1,000 ($2,000 total) to TCAC along with the application).

TCAC will accept all time sensitive documents that were submitted in the first round for applications submitted in the second round, except:

  • Any site control document (i.e. purchase and sale agreement, lease agreement, etc.) that has expired prior to the July 1, 2019 second round application deadline. Such expired site control documentation must be updated, or accompanied by evidence that necessary extension actions have been taken, including extension fee payments;
  • Any third-party CPA certification, such as for General Partner Experience, that was based on pre-2018 financial statements;
  • An appraisal that no longer meets the required timeline noted in TCAC Regulation Section 10322(h)(9);
  • A capital needs assessment performed more than 180 days prior to the July 1, 2019 application deadline;
  • A market study where more than 12 months have passed between the earliest listed site inspection date of either the subject property or any comparable property and the filing deadline. In such cases, applicants shall provide a new market study;
  • Attachment 14, Verification of Zoning, where the project has gone through changes that would require any changes to the zoning; and
  • If Attachment 26, Approvals Necessary to Begin Construction, was re-submitted during the first round due to an appeal period extending past the application deadline, please submit both Attachment 26 copies.

 

Please direct questions regarding these guidelines to your regional analyst.