California

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.

The California Tax Credit Allocation Committee (CTCAC) recently issued a memo providing additional clarifying guidance for prospective second round applicants.

California Senate President Pro Tempore Darrell Steinberg (D-Sacramento) and Senator Mark DeSaulnier (D-Concord) recently introduced legislation in the California State Senate that would create a permanent funding source for California’s Housing Trust Fund, which has not had a permanent funding source since the fund’s passage in 1985.

HUD’s Economic and Market Analysis Division regularly publishes Comprehensive Housing Market Analysis reports for regions across the country.

The California Tax Credit Allocation Committee (TCAC) has releases the 2012 Proposed Program Schedule, including a revised first-round award meeting date and new second round application deadline for the Low-Income Housing Tax Credit program.

NH&RA is pleased to announce that eight member firms have been selected to participate in the Federal Housing Administration’s (FHA) Multifamily Low-Income Housing Tax Credit Pilot program.

Join NH&RA May 21-22 for our 2012 Spring Developers Forum at the Ritz-Carlton Marina del Rey in California. Register by this Friday, April 27 to save up to $100 off your conference registration fee!

The Federal Housing Administration (FHA) has announced it is planning to launch the first phase of its Multifamily Low-Income Housing Tax Credit Pilot program, which will test an accelerated approval process for the purchase or refinancing of LIHTC properties.

The California Tax Credit Allocation Committee (TCAC) has announced that it will hold forums throughout the state to discuss its proposal to update the underlying data and corresponding percentages of the competitive nine percent geographic apportionments, effective in 2013.

The California State Senate is set to vote on AB 1585, which would transfer balances in California’s recently dissolved redevelopment authority (RDA) low- and moderate-income housing funds to local housing agencies to be spent specifically for affordable housing.