California

A previously mentioned hybrid 4%/9% policy change is now being proposed for 2016 second round projects to help address changes in the equity market.

For 2016 awardees only, TCAC is considering allowing the projects to convert to a hybrid 9%/4% structure to bring in additional 4% tax credit equity, which would be made available through monetizing a portion or all of the voluntary basis reduction contained in the original 9% application.

The Section 811 Project Rental Assistance (PRA) Round I Notice of Funding Availability (NOFA) has been updated to reflect an increase in the available contract rent from the 50% Area Median Income Rent to the applicable HUD Fair Market Rent, or a higher-approved rent in accordance with Section 8 requirements.

This proposed Budget confirms the Governor’s resolve to work with the Legislature to address the state’s housing shortage and affordability pressures.

Workshops will be held in Oakland, Sacramento, Los Angeles, Pasadena, and San Diego. Registration is due January 13.

Hyperlink and contact info provided.

280-unit property to be covered by the U.S. Department of Agriculture’s Section 515 program, ensuring affordability for seniors and $11.3M in improvements.

TCAC is extending the readiness deadlines for first and second round projects by three and two months, respectively.

Lisa Vergolini has announced her retirement after serving 11 years as Deputy Director of the California Tax Credit Allocation Committee.

AB71 would fund the increase by ending the state mortgage interest rate deduction for second homes.

Pending approval from the Committee on December 14, a 90-day extension is possible.

The opinion addresses one project where an assessor had denied exemption to 18 units of low-income qualified housing based on the fact that one housing provider essentially “subleased” A block of apartments for “homeless” clients from the limited partnership.