California

California’s Senate Revenue and Tax Committee last week passed a bill (S.B. 1316) that would establish a new tax credit modeled after the federal New Markets Tax Credit (NMTC) program.

The California Tax Credit Allocation Committee has updated its 2010 9% Competitive Tax Credit Application and 2010 4% Competitive Tax-Exempt Bond Application Combining Federal and State Tax Credits.

The federal bank and thrift regulatory agencies ““ including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Office of Thrift Supervision ““ recently announced a series of upcoming public hearings on modernizing the regulations that implement the Community Reinvestment Act (CRA).

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has announced that it is undertaking a holistic review of its authorizing statute and has scheduled a series of “listening sessions” to generate discussion and interest among CDFI stakeholders.

California state lawmakers recently passed legislation (S.B. 401) to conform state tax law to federal changes made since 2005.

California Tax Credit Allocation Committee has published a revised LIHTC application Q & A has been revised as of March 19, 2010.

The California Tax Credit Allocation Committee (TCAC) has posted the questions and answers from its recent 2010 Application Workshop training in Sacramento, Los Angeles, San Diego and Oakland in late February.

The California Tax Credit Allocation Committee (TCAC) has released the final program regulations for the administration of its 2010 low-income housing tax credit (LIHTC) program.

The National Council of Affordable Housing Market Analysts (NCAHMA) recently hosted a training seminar on January 12 in Sacramento for staff members of the California Tax Credit Allocation Committee and California Debt Limit Allocation Committee.

The California Tax Credit Allocation Committee (CTCAC) has released a memo updating its proposed regulation changes for the 2010 low-income housing tax credit allocation process.

The City of San Jose (California) has approved an ordinance requiring future housing development throughout the city to include a number of units affordable to low-income households.

The California Tax Credit Allocation Committee (TCAC) has released a set of proposed regulation changes for its 2010 low-income housing tax credit program and qualified allocation plan (QAP).