California

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

The Federal Housing Finance Agency (FHFA) recently announced the next step in its Real Estate-Owned (REO) Initiative, targeted to hardest-hit metropolitan areas “” Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida.

The California Tax Credit Allocation Committee (CTCAC) has released application materials and attachments for the 2012 9% competitive, 4% competitive and 4% tax-exempt bond application rounds.

California’s Tax Credit Allocation Committee yesterday released two regulation changes proposed for Committee consideration. CTCAC staff will conduct a public hearing on February 22 in Sacramento, CA.

As of February 1, 2012, California’s redevelopment agencies were permanently disbanded under the direction of Assembly Bill 1X26. However, California’s State Assembly last week introduced A.B. 1585, a proposal that preserves redevelopment agencies’ unencumbered Low/Mod-Income Housing funds, which local communities use to fund affordable housing development.

As of February 1, 2012, California’s redevelopment agencies were permanently disbanded under the direction of Assembly Bill 1X26. However, on January 31, the California State Senate passed S.B. 654 which preserves the remaining balances in these redevelopment agencies’ Low and Moderate Income Housing Funds, approximately $1.5 billion, which were previously designated specifically for affordable housing development.

The California Tax Credit Allocation Committee (CTCAC) will host four half day LIHTC training workshops to go over 2012 LIHTC application submissions.

In response to the feedback the California Tax Credit Allocation Committee (CTCAC) received regarding the proposed changes to the 2012 Tax Credit program, the agency has released a finalized list of recommendations. A few of the major additions/revisions to CTCAC’s market study guidelines were a direct result of comments that the National Council of Affordable Housing Market Analysts (NCAHMA) submitted.

With the recent passage of California Assembly Bill AB 26X, the California Supreme Court voted to dissolve all of the state’s redevelopment agencies, paying off enforceable obligations and disposing of agency assets by February 1, 2012. However, many of these redevelopment agencies have remaining balances in their Low and Moderate Income Housing Funds, which are designated specifically for affordable housing development.

The California Tax Credit Allocation Committee (CTCAC) recently released proposed regulation changes to the 2012 Tax Credit program and subsequently conducted a 30 day public comment period in which four public hearings were held to receive feedback on the proposed changes.

Governor Jerry Brown of California recently released his proposed 2012-2013 budget for the State of California. In the budget, Brown proposed a major reorganization of the state’s Business, Transportation, and Housing (BTH) Agency which would separate the state’s transportation and housing initiatives.

On January 4, California Assembly Bill 643 was amended to include the creation of a California New Markets Tax Credit (NMTC) Program.

The California Supreme Court recently upheld bill AB 26X as constitutional, allowing the state to eliminate 400 local redevelopment agencies and struck down AB 27X, which would have enabled the redevelopment agencies to stay in business if they agreed to pay a big chunk of their revenues to the state.