California

The California Department of Housing and Community Development (HCD) has announced its process to hold cities and counties accountable to provide housing opportunities for more Californians by powers granted it under Assembly Bill 72.

For reservations of tax credits received in or after 1997, unexpended reserve accounts must remain with the property for the benefit of the property or residents save for one exception, regardless of what a limited partnership agreement says.

On June 27, California Governor Jerry Brown signed the 2018-2019 State Budget, which included new measures geared towards reducing homelessness. One such measure is the creation of a $500 million fund dedicated to supporting local efforts to combat chronic homelessness.

Please review the attached list if you submitted an application to TCAC for the second round of competitive applications. 

TCAC has created tutorial videos to assist low-income housing tax credit (LIHTC) project owners prepare their PIS documentation. 

 The guidance includes a hypothetical developer fee calculation as well as dives into several other issues.

Scoring has been changed this year to further incentivize serving special populations including homelessness and the TCAC opportunity map, among other items. Two workshops are also planned in conjunction with the NOFA.

Two important guidance documents have been issued for those planning on submitting applications for the California 2018 second round competitive housing tax credit.

TCAC and CDLAC are seeking feedback from developers preparing the CDLAC-TCAC joint application. Topics of interest include the application submission process, any benefits in the application process, and any concerns or suggestions for improvement. Please email your comments to Mark Stivers and Shirley Hom.

CTCAC has published a final version of its draft proposal regarding income averaging. The policy is up for review at the May 16 committee meeting. 

Non-competitive and second round TCAC applicants must use the April 9, 2018 version of the application.

The $28 billion is a record high and comes from congressional appropriations made by the Bipartisan Budget Act of 2018 (PL 115-123).