California
California Reminder on FCAA Credit Exchange
Projects awarded federal disaster credits (or FCAA) may elect to return the federal credit in exchange for a new reservation and allocation from the year immediately following the award year. This allows an additional year for the project to place in service. A qualified high-rise project may also elect to make this exchange.
California Budget Proposal Includes $500 Million in LIHTCs, $750 Million for Homekey, Rental Assistance
California Gov. Gavin Newsom proposed an investment of $8 billion in housing resources as part of his 2021-22 budget proposal. The initial proposed budget includes a third round of $500 million in LIHTCs; $750 million to extend Homekey, the state’s program to acquire hotels, motels and other facilities to provide permanent housing for people experiencing […]
California Updates Attachment 40
The California Tax Credit Allocation Committee (TCAC) updated Attachment 40 on January 15 with California Debt Limit Allocation Committee (CDLAC) scoring. Changes and corrections include from the January 15 updated include: The CDLAC tie breaker 20 percent bonus is available to new construction projects only. This includes projects that receive points as a Special Needs […]
California Updates Subsidy Layering Review Instructions, Resyndication Questionnaire
The California Tax Credit Allocation Committee (TCAC) released new Subsidy Layering Review (SLR) instructions. Public Housing Authority’s (PHA) must submit their SLR documentation after the project receives a reservation of tax credits, via email to [email protected]. If you have any questions, please contact [email protected]. TCAC also updated its Development Section Resyndication Questionnaire Memo, which is […]
California’s Attachment 40 Now Includes CDLAC Scoring System
The California Tax Credit Allocation Committee’s (TCAC) Attachment 40 Excel Application now includes the California Debt Limit Allocation Committee (CDLAC) scoring system. For technical questions or issues related to the Excel application please contact Gina Ferguson with “2021 TCAC Excel Application” in the subject line.
California TCAC Meeting Jan. 15
The California Tax Credit Allocation Committee (TCAC) will hold a meeting on January 15 at 11:15 a.m. PT to consider establishing a minimum point requirement for the competitive 2021 applications. Participants can dial (888) 557-8511, code: 5651115 to join the call.
California Publishes 2021 Joint CDLAC-TCAC Application
The California Debt Limit Allocation Committee (CDLAC) and the California Tax Credit Allocation Committee (TCAC) published its joint 2021 application. This application is for viewing only, the online portal will be available shortly. For technical questions or issues related to the Excel application please contact Gina Ferguson with “2021 TCAC Excel Application” in the subject […]
California TCAC Posts Opportunity Map Comments Response, Postpones Dec. 17 to Dec. 21
The California Tax Credit Allocation Committee (TCAC) posted its response to comments received on the draft 2021 TCAC/Department of Housing and Community Development Opportunity Map. TCAC also posted a notice that its December 17 meeting will be postponed until December 21.
CHP Responds to California State Auditor’s Report
“We agree with the State Auditor that California must develop and implement a long-term, comprehensive and coordinated plan to house those who are experiencing homelessness and lack access to affordable homes. While the claim in the November 2020 audit that $2.7B in tax-exempt bonds were wasted oversimplifies the program mechanics and ignores the economic conditions at the time, what’s critical now — when housing bond demand exceeds supply by more than two-to-one — is that the state allocate all remaining bond issuance authority to affordable housing.”
California Auditor: State Mismanagement Let $2.7 Billion in Housing Bonds Expire
A new report from by the office of State Auditor Elaine Howle criticizes California’s procedures for managing and promoting construction of new affordable housing across the board, blaming lengthy approval processes and a lack of enforcement for local jurisdictions issuing just 11 percent of building permits as of June 2019.
California Updates Resyndication Requirements; HCD Pauses Some Guidelines/NOFAs
The California Tax Credit Allocation Committee (TCAC) updated is Resyndication Requirements Checklist for all TCAC application.
To increase alignment with TCAC and the California Debt Limit Allocation Committee (CDLAC), the California Department of Housing and Community Development (HCD) has decided to briefly pause its multifamily housing programs until TCAC and CLDAC complete their regulations update process. The regulations are expected to be adopted before the end of the calendar year.
California Reverses Proposed Change to Reduce Accessible Units
After numerous public comments received at the November 10 California Tax Credit Allocation Committee (TCAC) public hearing, staff is withdrawing the originally proposed changes to the nine percent LIHTC regulations to reduce the required number of accessible units. For Section 10325(f)(7)(K) staff is now proposing to increase the required number of accessible units from ten to 15 percent for units with mobility features and from four to ten percent for units with communications features.