The California Tax Credit Allocation Committee (TCAC) announced that the 180-day readiness deadline to begin construction on August 17, 2020 for projects awarded state tax credits on February 18, 2020 will remain, unless an extension has been granted. All required documents are received by TCAC no later than 5:00 pm PT on the deadline. TCAC will accept the required documentation electronically by email at TCACdocs@sto.ca.gov or in the form of a mailed flash drive. For tracking purposes, please do not email the documents to the regional analyst directly. For email submissions through TCACdocs@sto.ca.gov, please include the following in the subject line:
CA-20-XXX (TCAC Project Number) / Project Name / 4% with State Credit 180-Day Readiness
The following is a list of the required documents:
- Issuance of building permits for all residential buildings (a grading permit does not suffice to meet this requirement except in the event that the city or county as a rule does not issue building permits prior to the completion of grading, a grading permit shall suffice; if the project is a design-build project in which the city or county does not issue building permits until designs are fully complete, the city or county shall have approved construction to begin); and
- Notice to proceed delivered to the contractor.
Failure to meet the TCAC deadline will result in rescission of the Tax Credit Reservation and may result in negative points. If you anticipate not meeting the readiness deadline, please notify TCAC immediately. If you have any questions regarding this deadline, please contact the TCAC staff report analyst or your regional analyst at the following link: http://www.treasurer.ca.gov/ctcac/assignments.asp. More information on the deadline and how to request an extension can be found here.
