California

RBC Capital Markets Tax Credit Equity Group recently announced the closing of RBC Tax Credit Equity California Fund–5 with total tax credit equity of $65,676,225. The Fund consists of federal LIHTC equity and federal Historic Tax Credit equity. The Fund is comprised of investments in six LIHTC eligible multi-family apartment communities located throughout California, representing 707 affordable homes.

Apple recently announced a $2.5 billion plan to help address the housing availability and affordability crisis in California. The funding commitment to California is expected to take approximately two years to be fully utilized depending on the availability of projects. Capital returned to Apple will be reinvested in future projects over the next five years.

Facebook announced a $1 billion commitment over the next decade to help address the affordable housing crisis in California, which will go toward creating up to 20,000 new housing units to help essential workers such as teachers, nurses and first responders live closer to the communities that rely on them.

The California Tax Credit Allocation Committee (TCAC) posted the 2020 Excel application and Frequently Asked Questions (FAQ) for its $500 million state tax credit. Applications are due on November 15 and must be submitted to both TCAC and the California Debt Limit Allocation Committee (CDLAC). The minimum CDLAC point score is 80 points, and the maximum point score is 160 points for 100 percent affordable restricted projects and 140 points for mixed income projects.

The California Department of Housing and Community Development (HCD) released the Local Housing Trust Fund (LHTF) program draft guidelines on October 11, 2019. Due to technical difficulties with the webinar software, HCD has extended the public comment period for the LHTF program draft guidelines from 5:00 pm PT on November 12 to 5:00 pm PT on November 21. HCD will hold a hearing on the draft guidelines from 3:00 – 5:00 pm PT on November 14.

The California Department of Housing and Community Development (HCD) and the California Strategic Growth Council released the Affordable Housing and Sustainable Communities Program (AHSC) Round 5 Guidelines, and Notice of Funding Availability for approximately $550 million. Applications are due by February 11, 2020. HCD will hold several information workshops: November 12 10:00 am – 12:30 […]

Related California founder and CEO Bill Witte was honored with the Lifetime Achievement Award from the San Francisco Housing Action Coalition. While Mr. Witte is hardly finished, Related’s portfolio includes 16,000 new homes completed or under construction under his 30-year tenure. The award was publicly presented by Senator Dianne Feinstein (D-CA), who previously served as […]

The California Tax Credit Allocation Committee (TCAC) amended the final proposed changes to its regulations. The amendments include four changes: three clarifying and one related to the CalHFA Mixed-Income Program $200 million state credit set-aside: Sections 10305(h), 10317(i), 10326(b)(2), and 10326(g)(5), highlighted in the document in green.

A new report in Health Affairs examines whether expansions of Medicaid can prevent evictions from occurring. Early Medicaid expansion in California was associated with a reduction in the number of evictions, with 24.5 fewer evictions per month in each county from a pre-expansion average of 224.7.

The California Tax Credit Allocation Committee (TCAC) released application information for the $500 million of state tax credits that will be made available for affordable housing financed with the federal four percent LIHTC. The first state credit funding round will have a November 15, 2019 California Debt Limit Allocation Committee (CDLAC) and TCAC application deadline with a January 15, 2020 TCAC award date.

The California Tax Credit Allocation Committee will hold a meeting at 2:30 pm PDT on October 28 at the State Personnel Board (801 Capitol Mall, Room 150 Sacramento, CA 95814) to adopt its proposed regulations on the state tax credit. Attendees can also participate via phone: 888-557-8511 code 565-1115.

The California Department of Housing and Community Development (HCD) released the Rental Inclusionary Housing Ordinance Technical Assistance Memo, which provides guidance on HCD’s review of rental inclusionary housing ordinances adopted by local governments pursuant to Government Code section 65850, including amendments pursuant to Chapter 486, Statutes of 2017 (AB 1505).