California

SB 377, a complementary initiative to AB 35 that would increase the value of the state Low Income Housing Tax Credit by up to 40% without costing the state any additional revenue, passed off the State Senate floor Tuesday with a 35-0 vote and now heads to the Assembly.

The Tax Credit Allocation Committee announced updates to the 4% + state credit application. Special needs housing type applicants should use the current 4% + state credit application (dated May 21, 2015) for second round submissions.  The previous application had an error in the calculation of the maximum state credit amount.

The California Department of Housing and Community Development (HCD) announced awards totaling $9.9 million to assist California communities with a variety of homelessness prevention programs, rapid re-housing assistance, emergency shelter funding and other activities. A complete list of project awardees can be found here.

On April 15, 2015, the California Assembly Housing and Community Development Committee passed Assembly Bill 35 out of its first committee with a rare unanimous vote. According to the California Housing Partnership Corporation, Assembly 35 will accomplish three main goals

The California Housing Finance Agency (CalHFA) announced the Conduit Issuer Program, a new program that helps affordable housing developers access tax-exempt and taxable bond funds to aid in the preservation and development of affordable housing projects throughout California.

The California Housing Finance Agency (CalHFA) announced the Conduit Issuer Program, a new program that helps affordable housing developers access tax-exempt and taxable bond funds to aid in the preservation and development of affordable housing projects throughout California.

The California Tax Credit Allocation Committee posted updated tax credit applications. The changes are: addition of the 2015 rent limits and a correction to the “Total Expenses” line item of the 15 Year Pro Forma spreadsheet.

SCANPH will host a webinar on The 1115 Medicaid Waiver: Benefits for Residents and Developers of Supportive and Senior Housing. The webinar will take place on Tuesday, April 7 from 2:00pm to 3:00pm.

The California Housing Consortium released a list of housing-related bills to watch:

U.S. HUD is waiving for the San Francisco Housing Authority (SFHA), to a limited extent and subject to certain conditions, the 20 percent cap on project-basing and certain other provisions governing project-based assistance with respect to an identified portfolio that includes RAD funding.

California Tax Credit Allocation Committee announced proposed regulation changes to the Qualified Allocation Plan, along with a statement of reasons. If approved, TCAC will enact the changes on March 18, 2015. TCAC will hold a public hearing on the proposed changes on February 24, 2015.

Boston Capital is investing in the rehabilitation of San Diego Square, a 156-unit development for seniors located in downtown San Diego, CA. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital’s investment in the development adds 156 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in more than 13,200 units of affordable housing in California.