California
California Issues New Average Income Test Guidance”
On June 25, 2020 the California Tax Credit Allocation Committee issued a new memo providing additional guidance on the Average Income Test Federal Election. In May 2018, TCAC adopted regulations that allowed projects with an existing tax credit reservation to elect the Average Income Test and make changes to the application’s housing unit designations, increasing some to 80% AMI.
California Housing Partnership To Host Demo of Housing Needs Dashboard on July 9
The California Housing Partnership recently launched its Housing Needs Dashboard, a new online data tool to discover and compare housing data for every California county and the state overall
California Publishes 2020 Credit Estimates
The California Tax Credit Allocation Committee (TCAC) published the 2020 credit estimates, which also includes the disaster credits from the Further Consolidated Appropriations Act, 2020.
California Guidance for 2020 Second Round Applicants
The California Tax Credit Allocation Committee (TCAC) released new guidance on multi-phase housing developments, developer fees, service amenities, general partner experience, documenting land acquisition and tie breakers for prospective applicants. In the event of a conflict with prior guidance, this guidance shall supersede.
CalHCD TOD Round Four NOFA
The California Department of Housing and Community Development (CalHCD) released additional supporting documents to accompany the Round 4 Transit-Oriented Development (TOD) Housing Program Notice of Funding Availability for approximately $141 million, which was released on April 30, 2020. Applications are due by July 30, 2020 at 5:00 pm PT.
Comments on No Place Like Home Program Amended Guidelines Due July 27
The California Department of Housing and Community Development (CalHCD) released draft No Place Like Home (NPLH) Program draft amended Guidelines for public comment. Comments should be sent to [email protected] by 5:00 pm PT on July 27. CalHCD will hold a webinar on July 8 from 1:00 – 2:00 pm PT. Join here.
California Extends Placed In Service Deadlines
The California Tax Credit Allocation Committee (TCAC) is granting projects with 2018 and 2019 carryover allocations a six-month extension of their respective placed in service deadlines. Projects with a 2018 carryover allocation have a placed in-service deadline of June 30, 2021. Projects with a 2019 carryover allocation have a placed in-service deadline of June 30, 2022.
California 2020 County Housing Need Reports
The California Housing Partnership published the 2020 Housing Need Reports for all of California’s 58 counties. The reports document the gap in affordable homes versus need and looks at costs that the lowest income renters face statewide and at the county-level. The reports make several statewide policy recommendations, including making permanent the $500 million annual […]
California Posts Attachment 26 for Round Two
The California Tax Credit Allocation Committee (TCAC) posted the Approvals Necessary to Being Construction (Attachment 26) for its second round of 2020 applications.
California’s Proposed 2020 Opportunity Maps
The California Tax Credit Allocation Committee (TCAC) posted the 2020 draft Opportunity Maps, draft opportunity mapping methodology and draft statewide summary table.
California Final FCAA Regulations; Meeting on June 17
The California Tax Credit Allocation Committee (TCAC) released the Final Proposed Regulation Changes implementing the new Further Consolidated Appropriations Act of 2020 (FCAA) credits. The Committee will consider the adoption of these changes at its meeting at 1:00 pm PT on June 17. Dial (888) 557-8511 participant code: 5651115 to join the call.
California Governor Releases Revised Budget
Governor Gavin Newsom released a revised state budget for California, which maintains earlier commitments to funding $500 million in State LIHTCs in 2021. The proposal also includes $750 million in federal Coronavirus Relief Funds to acquire hotels and motels so that homeless individuals temporarily sheltered through Project Roomkey will have a place to live after […]