California

After months of back-and-forth with the affordable housing community about proposed changes to tax credit regulations, the California Tax Credit Allocation Committee posted its final proposed version.

California’s Tax Credit Allocation Committee posted a proposed program schedule and deadlines for 2015-2016.

The tie breaker calculator for the Fall 2015 Final Proposed Regulation Changes is now available on the TCAC website.

Affordable housing CA State Governor Brown says no to affordable housing bills. TCAC proposes changes to the LITHC program. CohnRezick examines the potential impacts for California.

Two new California state laws aim to open opportunities for low-income families to benefit from energy efficiency investments. One law will provide funding for solar installations in multifamily affordable housing developments. The other will study obstacles faced by low-income families pursuing energy efficiency investments.

The Internal Revenue Service divided $2.59 million in unused Low Income Housing Tax Credits from calendar year 2015 among 30 states.

CDHCD announces the availability of approximately $1 million in funding for the 2015 Drought Housing Relocation Assistance Program (DHRA). In response to the Governor’s declaration of a drought state of emergency via Executive Order B-29, dated April 1, 2015, HCD is providing temporary assistance for persons moving from their current residence, if it lacks reasonable […]

The California Tax Credit Allocation Committee will meet on September 23 to discuss 2015 Second Round Applications for Reservation of Federal and State 9% and 4% LIHTCs. TCAC recommended applications for the 9% and 4% programs are posted to the TCAC website. Click here to read the meeting notice.

TCAC developed a checklist in response to requests from project sponsors to sell or transfer ownership interests in existing tax credit projects. TCAC staff must perform a qualifications review to determine if sufficient project development and property management experience exists for the newly proposed owner and property management organization. TCAC regulations (Section 10320(b), 10325(c)(2), and […]

The California Debt Allocation Committee (CDLAC) and Tax Credit Allocation Committee (CTCAC) boards will consider proposed regulation changes on October 21, 2015. According to a notice from CDLAC, the regulations will not apply to any 2015 deals awarded bonds or tax credits in 2015, which includes the December Round. Applications for the December Round of […]

On September 8, TCAC Executive Director Mark Stivers released a revised version of changes that he proposed for the tax credit program earlier in the summer. The changes reflect feedback TCAC received during the comment period that ended August 31, and apply to the “back end provisions” sections of the original proposal. TCAC staff invites […]

California’s state low-income housing tax credit program will expand to include $100 more in allocation and the ability to certificate credits, starting in the 2016 calendar year (as long as the governor signs them into law). These changes are a result of two pieces of legislation, AB 35 and SB 377, passed by legislators in […]