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 early September. The original legislation (A.B. 35) aimed to boost the state LIHTC cap by $300 million, but was reduced by an amendment. Its complimentary legislation, SB 377, will separate the sale of credits from the sale of interest in the property ownership entity. This means developers will be able to sell credits to investors outside of the partnership that owns the property.
Legislators also passed a bill to widen access to energy data. AB 802 will give owners access to whole building energy usage data for multifamily residential buildings of 5 or more units. The California Energy Commission will be able to streamline consistent procedures for small buildings. Read more.
