As deadlines for the first rounds of nine and four percent projects approach, the California Tax Credit Allocation shared the following reminders:
- Please be certain to completely review applications and attachments prior to submission. Changes can often affect multiple areas of the application, so please review before submission to ensure complete accuracy and compliance.
- The submission guidelines and instructions are located here for four percent projects and here for nine percent projects.
- CTCAC created a list of Frequently Asked Questions that includes tips about the new attachments, exhibit procedures and more.
- There has been a change to the 2022 Credit Estimates and the tax credits available in the first round for the South and West Bay Region have been increased.
- APPLICATION BOOST NOTE: At this time, Disaster Credits for 2022 are not available. Please make sure the box for Disaster Credits (which would automatically provide a 130 percent boost and an increased credit amount) is NOT checked. All nine percent applications are limited to $2,500,000 in federal credit and must meet the criteria outlined in CTCAC regulation section 10317(d) to be eligible for the basis boost.
- Finally, CTCAC recently posted the 2022 revision to the CTCAC Rural Status Determination memo. Please note that Methodology number two now directs tax credit applicants to contact the USDA directly to request rural status determination and confirmation. Please follow these points when submitting a rural status request to the USDA:
- Submit your request to the USDA using this email address: MFHprocessing2@usda.gov, and ask for the USDA to respond to you in the form of a letter.
- In your email, specify that your request is for tax credit application purposes only.
- Also specifically request that in their response the USDA confirms Section 515 eligibility for the land parcel and not for a project that currently exists on the parcel.
- Request their Section 515 eligibility determination is as of January 1 of the current year.
If you have questions, feel free to contact the TCAC rural region analyst, Ruben Barcelo, at: ruben.barcelo@treasurer.ca.gov. If you have further questions, please contact the Development Team.