Last week, California Tax Credit Allocation Committee (TCAC) released the final proposed changes to the 2014 California Qualified Allocation Plan (QAP). The proposed QAP will be considered by TCAC on Wednesday, January 29. Please click here to review the proposed 2014 California QAP.
The California Tax Credit Allocation Committee (CTCAC) released the 2014 Draft California QAP.
Some notable changes include:
- Creating the Tribal pilot apportionment. In 2014 and 2015 program years, one million dollars ($1 million) in annual federal credits will be available for projects on land held in trust or to be held in trust by a Native American Tribe..
- CTCAC shall review each competitive application applying as an at-risk or special needs housing type under subsection. This way, the set-asides are awarded to the highest quality competitors, rather than a high scoring application loosing in the regional competition.
- Eliminating the option for a rural at-risk project to compete in the rural set-aside.
- Removing the SRO set-aside.
- Require that applications proposing At-risk or Special Needs housing types be considered, first, within those relevant set-asides before cascading into a geographic apportionment.
- Establish minimum qualifications for subsequent parties entering a project’s ownership structure during the regulated life of the project.
- Eliminate experience scoring features for portfolio projects in service less than three years.
- Please click here for a full list of changes and explanations of changes.
CTCAC will hold public hearings from November 12-15 across the state. The hearings have been scheduled as follows:
November 12, 2013 at 1:00 pm
Elihu Harris Building
1515 Clay Street, Room 2
Oakland, CA 94612
November 13, 2013 at 1:00 pm
Employment Development Department
722 Capitol Mall, Auditorium
Sacramento, CA 95814
November 14, 2013 at 1:00 pm
San Diego Housing Commission
1122 Broadway, 4th Fl. Conference Rm
San Diego, CA 92101
November 15, 2013 at 9:00 am
Ronald Reagan State Building
300 South Spring Street, Auditorium
Los Angeles, CA 90013
Please submit written comments by Monday, December 9, 2013 to:
California Tax Credit Allocation Committee
915 Capitol Mall, Room 485
Sacramento, CA 95814