California

The California Tax Credit Allocation Committee (CTCAC) released two reminders to previous tax credit recipients. All 2011 low-income tax credits recipients of 9% competitive credits must submit documentation to demonstrate the progress of the project and its continuing feasibility in order to meet the Final Reservation criteria.

The California Tax Credit Allocation Committee (CTCAC) has released a final list of its proposed substantive changes to the 2013 tax credit program regulations. CTCAC initially released its list of 23 proposed changes on October 24, 2012. After holding four public hearings and collecting public comments, CTCAC plans to proceed with nine of the originally proposed changes and amend 14 of its original proposed changes.

In an October 24 memo, the California Tax Credit Allocation Committee (CTCAC) announced a complete listing of its proposed regulation changes and program schedule for 2013.

The California Tax Credit Allocation Committee has scheduled its first committee meeting of 2013 for January 16, 2013. In preparation for proposed regulation changes for 2013, CTCAC has also released an updated geographic apportionment methodology that has been proposed to update the current Regulation Section 10315(i).

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.

California Governor Jerry Brown recently signed several bills into law, all of which will have a significant impact on the multifamily housing development industry. The Southern California Association of Nonprofit Developers (SCANPH) estimates that these approved measures could provide up to $80 million in funding for housing-related development.

California Governor Jerry Brown recently signed into law a bill, AB 1124, which enables renters and landlords to be eligible for repair and replacement of furnaces and hot water heaters under California utilities’ energy efficiency programs.

Four legislative measures that would impact California’s cities and counties ability to direct property tax funds to local development projects were recently sent to Governor Jerry Brown for approval. This move comes after the Governor last July approved AB 26x which dissolved the activit

The San Francisco, California Board of Supervisors recently voted to include a measure (originally proposed by Mayor Ed Lee) on November 2012 election ballots which would create a Housing Trust Fund (HTF) at the city level. The HTF would produce a dedicated funding stream to be used to create, acquire, rehabilitate affordable housing and would also promote affordable homeownership programs.

California Governor Jerry Brown recently signed into law AB 1484, which is a trailer bill to the state’s budget and modifies certain provisions within AB 26x, which dissolved the activities of California’s redevelopment agencies (RDA) effective February 1, 2012. Specifically, AB 1481 modifies policies relating to the transfer of housing responsibilities associated with dissolved RDAs and redefines the term “housing asset”.

HUD, the Department of Agriculture Rural Development (USDA-RD) and the Community Development Financial Institutions Fund (CDFI Fund) recently the “Border Community Capital Initiative” (Border Initiative), a collaboration designed to increase access to capital in the U.S./Mexico border region which includes some of the poorest communities in the country.