The California Tax Credit Allocation Committee (TCAC) amended the final proposed changes to its regulations. The amendments include four changes: three clarifying and one related to the CalHFA Mixed-Income Program $200 million state credit set-aside: Sections 10305(h), 10317(i), 10326(b)(2), and 10326(g)(5), highlighted in the document in green. Section 10305(h) was clarified to say that construction must being within 180 days of the award and that $200 of the $500 million is for CalHFA’s Mixed-Income Program. Section 10317(i) was updated to make clear that it is referring to bond financed projects. Section 10326(b)(2) clarifies that CalHFA applications can be submitted in any funding round. Section 10326(g)(5) makes clear that the 33 percent limit is not applicable for reservation of State Tax Credits made after the month of May in each calendar year.
In addition, a component of one proposed change is withdrawnSection 10325(c)(6)(B)(i) regarding Building Energy Efficiency Standards.
NH&RA submitted comments to TCAC on the regulation changes supporting most of the changes. TCAC implemented our suggestion that the state tax credits be ranked based on the amount of tax credit units per state tax credit.
