California

The California tax Credit Allocation Committee updated its 2021 credit estimates. The new estimates include the county allocations for the federal disaster credits.

Nixon Peabody LLP announced it recently advised St. Stephens Retirement Center, Inc., and CRP Affordable Housing and Community Development LLC on a complex financing transaction and status conversion that will provide decades of financial certainty, as well as funding to rehabilitate the property.

The California Tax Credit Allocation Committee updated its nine percent LIHTC application for the second competitive round

Merritt Community Capital said it has closed the first round for Fund XXII, so far raising $102 million that will finance nine projects and create 452 affordable homes across California. 

Hunt Capital Partners announced that it and developer D.L. Horn and Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credit equity financing for the acquisition and rehabilitation of 163 units of affordable multifamily housing in Palm Desert. 

CREA LLC announced it successfully closed California Tax Credit Fund 84, LP (Fund 84) totaling $132 million of investor equity, which will finance eight affordable housing developments across the state of California. CREA said the impact made by the new and rehabilitated affordable housing properties represents the creation of 444 homes

The California state assembly passed the Housing Accountability Act (AB 989), which would create a state Housing Accountability Committee to adjudicate violations of the Housing Accountability Act and give the committee the authority to overturn denials or conditions of approval that are not consistent with the Act. This provides a quicker, less expensive, less confrontational and more consistent alternative to enforcing state housing laws in court, resulting in more affordable homes built at lower cost.  

The California Tax Credit Allocation Committee (TCAC) is seeking comments on its proposed compliance fine schedule.

Gov. Gavin Newsom (D) issued his 2021 May Revision for the California budget with a number of provisions.

The California Tax Credit Allocation Committee (TCAC) will hold a public hearing on its draft proposed regulation changes at 1:30 p.m. CT on May 19. Join the meeting by dialing (888) 557-8511, code: 5651115. Comments are due to Anthony Zeto by May 31.

Ryan Seeley has been reappointed as the California Department of Housing & Community Development’s (HCD) general counsel and deputy director, where he has served in that role since 2017 and has served in several positions since 2010, including assistant chief counsel and attorney.

The California Tax Credit Allocation Committee (TCAC) and the California Debt Limit Allocation Committee (CDLAC) updated its joint application attachment 40.