California

The awards and grants will go to projects that benefit disadvantaged communities by increasing the accessibility of affordable housing, employment centers, and key destinations via low-carbon transportation.

TCAC posted 2016 applications for 9% Competitive Tax Credits, 4% Competitive Tax-Exempt Bonds Combining Federal and State Tax Credits, and 4% Tax Credits with Tax-Exempt Bond Financing.

California Tax Credit Allocation Committee posted the slides from its 2016 TCAC Development Application Workshop.

TCAC intends to allow applicants in the first round of 2016 to claim DDA status if the project is located in an area that will be considered a DDA after June 30, 2016, provided that the carryover allocation occurs after June 30. For 9% tax credit applications located in areas that will lose DDA status on June 30, 2016, the TCAC regulations grandfather in DDA status for these projects for one year.

The “No Place Like Home” initiative includes $2 billion bond to construct permanent supportive housing for chronically homeless persons with mental illness.

The workshops review 2015-16 regulation changes; the 9% application, attachments, and checklist; and updates from the California Debt Limit Allocation Committee. The workshops will take place in Oakland, Sacramento, San Diego, Los Angeles, and Pasadena.

Mark Stivers, Executive Director of the California Tax Credit Allocation Committee, answered a series of frequently asked questions related to transfer events.

The California Tax Credit Allocation Committee released its 2016 Market Study Guidelines.

QRRP applicants should be advised that the December 15 DDA application submittal due date identified in Section 5258(a) of the CDLAC regulations will be extended. It is CDLAC’s revised expectation that expiring DDA applications will be submitted by June 15, 2016, fifteen days prior to the DDA expiration.

The California Tax Credit Allocation Committee (TCAC) invites and highly encourages affordable housing developers and interested parties involved in projects recently reserved LIHTCs to attend the half-day workshops on Placed-in-Service submissions to the California LIHTC Program.

California Governor Edmund Brown, Jr. appointed Ben Metcalf, former Deputy Assistant Secretary in the Department of Housing and Urban Development Office of Multifamily Housing Programs, to direct the California Department of Housing and Community Development.

The TCAC 4% application and four of the attachments have been updated to incorporate the TCAC regulations adopted October 21.