California

California responds to the recent omnibus legislation regarding the LIHTC.

The joint application allows a single application to be submitted to both CDLAC and TCAC simultaneously through CDLAC’s online application webpage.

Errors were found with four of the final tie breaker self scores reflected on the list.  These have been corrected.

These funds are available on an over-the counter basis to state-financed affordable housing projects.

There are 3,516 census tracts in 54 California counties that qualify under one or both of the mandatory criteria, allowing the Governor to designate up to 879 tracts. As census tracts are designed to capture geographic areas of around 4,000 people, more than 3 million Californians will potentially be located in one of these areas.

While TCAC is taking no position on this proposal and makes clear that it will not be considered for the fall 2018 regulation change cycle, staff nonetheless is interested in hearing feedback on the proposal.

Eight areas were revised due to new survey data.

2018 Market Study Guidelines The California Tax Credit Allocation Committee has posted its 2018 Market Study Guidelines, which apply to all tax credit projects as well as requests for tax-exempt bond authority. The following is a summary of the detailed guidelines: Market studies must be prepared by an independent third party at the expense of […]

The 2018 TCAC Low-Income Housing Tax Credit (LIHTC) Application Workshops’ Questions and Answers (Q&As) are now available on the CTCAC Application Information website.  To view the Q&A please follow the link below: http://www.treasurer.ca.gov/ctcac/workshop/2018/questions.pdf

The 2018 TCAC competitive applications have been revised to correct: Threshold basis limits:  The 2018 threshold basis limits replace the 2017 limits. Final Tie Breaker (FTB):  The FTB calculation requires a number to be inserted into the cell labeled “Number of Years in the Subsidy Contract” even in cases where the project has no subsidy.  […]

The 2018 competitive applications are now available for download on the TCAC website including for 9% competitive, 4% competitive tax-exempt bond combined with state credits, and 4% tax-exempt bond projects. Further information, including slides from the 2018 application workshop are also available.

The California Tax Credit Allocation Committee’s (TCAC) 2018 Threshold Basis Limits and 2018 Operating Expense Minimums for 2018 Applications are now available. In 2008, TCAC implemented a threshold basis limit system utilizing county and regional cost data. This data, obtained from the California Tax Credit Allocation Committee’s (TCAC’s) database, consists of new construction projects that have been awarded tax […]