California

QAP California

California Releases $297 Million NOFA

The California Department of Housing and Community Development (HCD) announced the release of the January 2020 Multifamily Housing Program (MHP) Notice of Funding Availability (NOFA) for approximately $297 million. This funding will assist with new construction of affordable homes and acquisition, rehabilitation and preservation of permanent and transitional rental housing for lower-income households.

QAP California

California Issues New Guidance on Manager Units

On December 5 the California Tax Credit Allocation Committee issued new guidance relating to on site manager units at LIHTC Properties. California law 25 CCR § 42 requires an onsite manager, maintenance, or other responsible person for rental housing of 16 units or more. The Internal Revenue Service (IRS) guidance for manager or exempt units permits the cost of the unit to be included in eligible basis if the unit is reasonably required for the operation of the residential rental housing (IRS Revenue Ruling 92-61); however, the unit is excluded from the applicable fraction calculation. The IRS has further clarified that the person occupying the unit must be employed at the property where they reside. IRS Revenue Ruling 92-61 pertains to a full-time resident manager. Tenant keyholders, service coordinators, regional managers, and any staff that “float” from one project to another are all ineligible to reside in a manager unit.

QAP California

California TCAC Updates Threshold Basis Limits

The TCAC Threshold Basis Limits will be updated and incorporated into the 2020 TCAC Excel application (Attachment 40) in December.  The 2020 Operating Expense Minimums will also be published on the TCAC website in December.  These two updates are required for tax credit applications submitted for the March 18, 2020 Committee Meeting (deadline January 17, 2020).  A notice will be sent when the threshold […]

California

California Seeks Feedback On TOD Housing Program Update

The California Department of Housing and Community Development (HCD) is seeking feedback on the NOFA and program guidelines for the next round of its Transit-Oriented Development (TOD) program. Thanks to new, voter-approved housing bonds, the TOD program will be releasing a new NOFA in 2020. In preparation, HCD invites you to help shape Round 4 Guidelines by reviewing the Round 3 Guidelines from Fiscal Year 2013-2014 and providing feedback.

California

CalHFA Publishes Term Sheet & Key Program Dates for Mixed-Income Program

The California Housing Finance Agency (CalHFA) recently published a term-sheet for its new Mixed-Income Program (“MIP”), which provides competitive long-term subordinate financing for new construction multifamily housing projects restricting units (tax credit or CalHFA) between 30% and 120% of county Area Median Income (“AMI”).

California

Court Rules San Jose Must Comply with California Surplus Land – Affordable Housing Law

The Six District Court of Appeals in California issued a ruling on November 26, 2019 requiring the City of San Jose to comply with a state law that requires cities to make surplus public land available for affordable housing.  The San Francisco Chronicle reports that, “The ruling, if it stands, will apply to 121 cities […]

QAP California

California Tax Credit Allocation Meeting Publishes Revised Dec. 11 Meeting Agenda

The California Tax Credit Allocation Meeting published a revised agenda for its December 11 meeting.

QAP California

California Certificated State Credit Notice

All project owners who have elected to certificate state credit must report the sale of credit to California Tax Credit Allocation Committee (TCAC) within ten days of the sale.  Please contact Gina Ferguson or Marlene McDonough with questions.

QAP California

California Finalizes Interest Rate Reduction Application

The California Department of Housing and Community Development (HCD) finalized the application process for borrowers and sponsors who wish to request an interest rate reduction on an HCD loan prior to the close of permanent financing.

California

Voters Approve Housing Ballot Measures

Voters in multiple jurisdictions across the country approved housing- and mitigation-related ballot measures. Voters in Durham, NC approved a $95 million affordable housing bond by a 76 to 24 percent margin. The measure will be paired with $65 million in federal and local funding over the next five years to support affordable housing development and […]

QAP California

California Offers $75 Million for Veteran Housing

The Veterans Housing and Homelessness Prevention program (VHHP) is making $75 million in funding available, beginning November 8, 2019, to assist in developing housing opportunities for California’s veterans, especially those at risk of homelessness or experiencing temporary or chronic homelessness. Awards will be made to qualifying developers and nonprofit entities to construct, acquire, rehabilitate or preserve affordable multifamily housing for our veterans and their families. Applications are due on February 13, 2020.

QAP California

California Finalizes Joint CDLAC-TCAC Application

The California Debt Limit Allocation Committee (CDLAC)-Tax Credit Allocation Committee (TCAC) online joint application update is finalized.  The online application changes noted in TCAC’s October 31 memo are now available.  No changes to Attachment 40 have been made since TCAC’s notice on November 4.   

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