California

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.

The California Tax Credit Allocation Committee (CTCAC) has made available detailed guidance for sustainable building method software, submission, documentation, and qualification requirements.

The California State Assembly recently passed AB 1585, which would transfer balances in low- and moderate-income housing funds to local housing agencies to be spent for affordable housing.

Congressman Joe Baca (D-Rialto) introduced legislation in the House of Representatives that would give non-profit agencies and Community Development Corporations (CDCs) access to funds for affordable housing projects made available through the State Small Business Credit Initiative.

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.