California

The TCAC Threshold Basis Limits will be updated and incorporated into the 2020 TCAC Excel application (Attachment 40) in December.  The 2020 Operating Expense Minimums will also be published on the TCAC website in December.  These two updates are required for tax credit applications submitted for the March 18, 2020 Committee Meeting (deadline January 17, 2020).  A notice will be sent when the threshold […]

The California Department of Housing and Community Development (HCD) is seeking feedback on the NOFA and program guidelines for the next round of its Transit-Oriented Development (TOD) program. Thanks to new, voter-approved housing bonds, the TOD program will be releasing a new NOFA in 2020. In preparation, HCD invites you to help shape Round 4 Guidelines by reviewing the Round 3 Guidelines from Fiscal Year 2013-2014 and providing feedback.

The California Housing Finance Agency (CalHFA) recently published a term-sheet for its new Mixed-Income Program (“MIP”), which provides competitive long-term subordinate financing for new construction multifamily housing projects restricting units (tax credit or CalHFA) between 30% and 120% of county Area Median Income (“AMI”).

The Six District Court of Appeals in California issued a ruling on November 26, 2019 requiring the City of San Jose to comply with a state law that requires cities to make surplus public land available for affordable housing.  The San Francisco Chronicle reports that, “The ruling, if it stands, will apply to 121 cities […]

The California Tax Credit Allocation Meeting published a revised agenda for its December 11 meeting.

All project owners who have elected to certificate state credit must report the sale of credit to California Tax Credit Allocation Committee (TCAC) within ten days of the sale.  Please contact Gina Ferguson or Marlene McDonough with questions.

The California Department of Housing and Community Development (HCD) finalized the application process for borrowers and sponsors who wish to request an interest rate reduction on an HCD loan prior to the close of permanent financing.

Voters in multiple jurisdictions across the country approved housing- and mitigation-related ballot measures. Voters in Durham, NC approved a $95 million affordable housing bond by a 76 to 24 percent margin. The measure will be paired with $65 million in federal and local funding over the next five years to support affordable housing development and […]

The Veterans Housing and Homelessness Prevention program (VHHP) is making $75 million in funding available, beginning November 8, 2019, to assist in developing housing opportunities for California’s veterans, especially those at risk of homelessness or experiencing temporary or chronic homelessness. Awards will be made to qualifying developers and nonprofit entities to construct, acquire, rehabilitate or preserve affordable multifamily housing for our veterans and their families. Applications are due on February 13, 2020.

The California Debt Limit Allocation Committee (CDLAC)-Tax Credit Allocation Committee (TCAC) online joint application update is finalized.  The online application changes noted in TCAC’s October 31 memo are now available.  No changes to Attachment 40 have been made since TCAC’s notice on November 4.   

RBC Capital Markets Tax Credit Equity Group recently announced the closing of RBC Tax Credit Equity California Fund–5 with total tax credit equity of $65,676,225. The Fund consists of federal LIHTC equity and federal Historic Tax Credit equity. The Fund is comprised of investments in six LIHTC eligible multi-family apartment communities located throughout California, representing 707 affordable homes.

Apple recently announced a $2.5 billion plan to help address the housing availability and affordability crisis in California. The funding commitment to California is expected to take approximately two years to be fully utilized depending on the availability of projects. Capital returned to Apple will be reinvested in future projects over the next five years.