The California Tax Credit Allocation Committee (CTCAC) is preparing forms for the 30 percent test to be utilized by owners of projects that have received an award of Section 1602 funds, and that the forms will be available on September 1. All projects awarded Section 1602 Exchange Funds from CTCAC that have not expended 100% of their 1602 Funds by December 31, 2010 must have paid or incurred at least 30% of the project’s total adjusted basis in land and depreciable property by December 31, 2010. If a project does not meet the 30% test, all 1602 Funds that have not been drawn down by that date to pay for eligible costs incurred, will be forfeited by the owner. Read More…