Projects awarded federal disaster credits (or FCAA) may elect to return the federal credit in exchange for a new reservation and allocation from the year immediately following the award year. This allows an additional year for the project to place in service. A qualified high-rise project may also elect to make this exchange.
California Tax Credit Allocation Committee (TCAC) regulations require that this election occur in January of the year following the award. For 2020 awards, project owners must email this request to Carmen Doonan no later than January 31, 2021.
