California

The California Tax Credit Allocation Committee (TCAC) updated is Resyndication Requirements Checklist for all TCAC application.

To increase alignment with TCAC and the California Debt Limit Allocation Committee (CDLAC), the California Department of Housing and Community Development (HCD) has decided to briefly pause its multifamily housing programs until TCAC and CLDAC complete their regulations update process. The regulations are expected to be adopted before the end of the calendar year.

After numerous public comments received at the November 10 California Tax Credit Allocation Committee (TCAC) public hearing, staff is withdrawing the originally proposed changes to the nine percent LIHTC regulations to reduce the required number of accessible units. For Section 10325(f)(7)(K) staff is now proposing to increase the required number of accessible units from ten to 15 percent for units with mobility features and from four to ten percent for units with communications features.

The California Tax Credit Allocating Agency (TCAC) posted the final proposed regulation changes for its new Further Consolidated Appropriations Act (FCAA) credits allocated in response to the 20117 and 2018 wildfires. The proposed regulations will go before the Committee for consideration and adoption on Wednesday, November 18, 2020.

The National Council of State Housing Agencies held its Board of Directors election on October 26 during the association’s 2020 Annual Conference & Showcase. Nominated from among, and voted on by the executive directors of the member state housing finance agencies, NCSHA’s newly elected Board officers are:

California Tax Credit Allocation Committee (TCAC) will conduct an Owner and Management Training Class for those owners who have received a reservation of tax credits but lack documented experience and are required to complete training prior to the project’s placing in service. The training is also for property management companies required to complete this training as indicated in the TCAC staff report.

The California Tax Credit Allocation Committee (TCAC) will meet on October 14 at 1 p.m. PT on October 14. TCAC will also hold a public hearing at 2 p.m. PT on October 15 on proposed amendments to the regulations governing the FCAA disaster credits. In addition to a few minor changes, the primary change is to implement a September 1, 2021 construction start deadline.

At the September 16, 2020 California Debt Limit Allocation Committee (CDLAC) meeting, a CDLAC extension was provided through December 1, 2020 for projects awarded on April 14, 2020. For those projects that were also awarded California Tax Credit Allocation Committee (TCAC) state tax credits, there is a TCAC readiness deadline of October 20, 2020. The May 21, 2020 TCAC memo confirms that when a bond issuance extension is granted by CDLAC, an extension of the TCAC readiness deadline is also granted.

New data from the California Housing Partnership reveals not only that nearly every city and county in California is failing to meet its production goals for housing affordable to low-income households, but also that many jurisdictions have already exceeded their high-income (or above moderate-income) housing goals.

Gov. Gavin Newsom (D-CA) announced the second round of awards for Homekey. More than $236 million was awarded by the Department of Housing and Community Development for 20 projects in 12 California communities, totaling 1,810 units. The average cost to Homekey is just over $130,000 per unit and brings the total awarded under Homekey to $312.7 million to date.

The California Department of Housing and Community Development (HCD) posted the Multifamily Housing Program (MHP) Round 3 NOFA Applications Received and Self-Scores. The project information listed has been provided by the applicants and has not been verified by HCD staff.

The California Tax Credit Allocation Committee posted the awards from round three of its $500 million state tax credits and updated its dashboard. Information about the individual projects awarded is available here.

The California Housing Finance Agency (CalHFA) has launched a new Bond Recycling Program, which will provide an additional source of financing to address the state’s affordable housing crisis.