California

The California Tax Credit Allocation Committee has recently posted a list of applications received for the second round of competitive tax credits. Applicants are encouraged to check the list to ensure they are on it. If you do not see your application on the list, or there is an error, you should contact your regional […]

The California Tax Credit Allocation Committee Application Information page has been updated…

California Governor Jerry Brown signed a bill into law that will restore the ability to bifurcate state Low-Income Housing Tax Credits and will allow the certification of state LIHTCs.

California’s new Low Income Weatherization Program (LIWP) offers financial incentives to cover a significant portion of energy efficiency and solar installation costs for eligible projects. LIWP funds will typically cover approximately 30-80% of the efficiency project costs and 50-100% of solar PV systems, depending on the scope of work, project size, projected GHG reductions, and other project variables. For LIWP to provide the highest value to your projects, enroll early in the predevelopment stage to get help planning the scope of work. LIWP incentives may be integrated as part of a rehabilitation project or used for a standalone energy retrofit project.

The California legislature’s Budget Conference Committee vetted Governor Jerry Brown’s budget on June 9th, to be followed by a formal vote by the state Senate and Assembly in the near future. Democrats in the Assembly have been arguing for a boost in housing subsidies, while Brown has been arguing instead for passage of a by right development policy which would ease the zoning approval process for affordable housing developers.

Mark Stivers, Executive Director of the Tax Credit Allocation Committee, and Jeree Glasser-Hedrick, Executive Director of the California Debt Limit Allocation Committee, released a finalized approach to managing over-income tenants in Low-Income Housing Tax Credit projects during a resyndication.

The California Tax Credit Allocation Committee updated its credit estimates, including set-asides and geographic apportionments, according to the recent release of 2016 population estimates.

California Tax Credit Allocation Committee will hold open forums on December 3 and December 8 in order to gather input to solve a growing problem with state credit allocation. TCAC Executive Director Mark Stivers has already proposed a series of possible solutions.

TCAC and CDLAC developed a proposal to manage the impact of over-income tenants in LIHTC units during a resyndication. They are collecting feedback through March 17.

The 2016 Workbook has been updated to reflect the TCAC Regulations adopted October 21, 2015.

All applicants for 9% tax credits must document, to the Committee’s satisfaction, the rural or non-rural status of the project.

The California Tax Credit Allocation Committee estimates that its total federal credit ceiling is $93,025,488 for the year ahead. TCAC also has $60,942,981 in state credits available to allocate.