California
TCAC March 20 Meeting Agenda Announced
The California Tax Credit Allocation Committee (TCAC) released the agenda for its March 20th hearing. TCAC will consider 19 of the 2019 applications for reservation of 4 percent LIHTCs for Tax-Exempt Bond Financed Projects. For additional information, contact Vincent Brown, Interim Executive Director, at (916) 654-6340.
Real Estate Attorney Tamara Osborne Joins Ballard Spahr in Los Angeles
Tamara L. Osborne, an attorney with more than 20 years’ experience in affordable housing and community development law, has joined Ballard Spahr in the firm’s Los Angeles office. Ms. Osborne comes to Ballard Spahr from VLP Law Group, where she was a partner. Earlier in her career, she was a founding partner of Bocarsly Emden Cowan Esmail & Arndt, a real estate-focused boutique law firm.
Improving HCD’s Loan Closing Process
The California Department of Housing and Community Development (HCD) is implementing a three-phase action plan to improve its loan closing processes which will focus on: Increased standardization of loan documents; increased transparency and predictability around application scoring; improved customer service through predictable, assigned contacts to assist post-award; increased efficiency through electronic signatures; and ongoing feedback.
Final HCD 2018 CDBG NOFA FAQ
The California Department of Housing and Community Development (HCD) released the final 2018 Community Development Block Grant (CDBG) Notice of Funding Availability (NOFA) FAQs. Applications must be received on Tuesday, Feb. 26 by 5 pm. If you have additional questions regarding the 2018 CDBG application, please submit questions to [email protected] through Monday, Feb. 25.
California Housing Partnership Releases Affordable Rental Homes At-Risk Assessment
The California Housing Partnership annually assesses the historical loss and conversion risk of federally- and state-subsidized affordable rental properties. Its 2019 analysis found that between 1997 and 2018, California lost 15,044 affordable rental homes, one in four of which were financed with LIHTCs, and another 34,554 affordable rental homes are at risk of conversion.
Webinar on California’s Proposed Standalone Multifamily Section – Feb 25
The Statewide Codes and Standards Team will host a webinar on Feb. 25 from 8 to 10 am PT to discuss proposed restructuring of the multifamily standards in the 2022 Title 24, Part 6 code. Multifamily dwellings represent roughly half of all new residential construction in California, but the current energy efficiency building standards do not adequately address the different types of multifamily buildings, nor the variations between single-family homes and nonresidential buildings.
San Jose to Invest $100 Million in Affordable Housing
San Jose Mayor Sam Liccarddo announced that the city will devote nearly $100 million to 11 projects across the city over the next several years. The 11 projects are expected to provide 1,144 apartments to formerly homeless residents, low-income seniors and other vulnerable groups.
Enterprise and LIIF Partner to Manage New Bay Area Preservation Pilot
The northern California’s Metropolitan Transportation Commission has committed $10 million to launch the Bay Area Preservation Pilot (BAPP). Administered through Enterprise Community Loan Fund and the Low Income Investment Fund, BAPP will address a specific financing gap in the affordable housing market by offering 10-year term loans for the acquisition of affordable, market-rate rental properties.
California TCAC Releases Resyndication Questionnaire Memo with Frequently Asked Questions
The California Tax Credit Allocation Committee released a Development Section Resyndication Questionnaire Memo. This memo is applicable to projects with existing low income housing tax credit allocations that are requesting a new reservation of tax credits. The questionnaire in the memo must be completed when submitting a resyndication application
California Announces Awardees of National Housing Trust Fund
The California Department of Housing and Community Development awarded more than $30 million from the National Housing Trust Fund program to help build new housing affordable for extremely low-income households.
Mark Stivers – Acting Deputy Director for the Division of Financial Assistance at HCD
The California Department of Housing and Community Development (HCD) announced the hire of Mark Stivers as the acting Deputy Director for the Division of Financial Assistance. The Division of Financial Assistance administers the HCD’s loan and grant programs.
LA to Launch New $120 Million Supportive Housing Initiative
The Los Angeles City Council has voted unanimously to set aside $120 million, 10 percent of the Proposition HHH supportive housing bond, for a pilot program that seeks strategies for expediting and containing the cost of permanent supportive housing development.