California

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

California’s Tax Credit Allocation Committee has scheduled a series of eight low-income housing tax credit compliance workshops for affordable housing owners and management companies.

California Governor Jerry Brown recently submitted his proposed budget for 2011 12 to the state’s legislature. His proposed budget would make significant changes to economic development activities in California, including eliminating redevelopment agencies and enterprise zones by July 1.

The California Tax Credit Allocation Committee (CTCAC) has announced a policy change related to the U.S. Housing and Urban Development’s tenant income collection (TIC) initiative.

A ballot initiative approved by California voters last week known as Proposition 26 may mean that federal Section 1603 renewable energy tax credit cash grants will soon be treated as taxable income.

The California Tax Credit Allocation Committee (CTCAC) is preparing forms for the 30 percent test to be utilized by owners of projects that have received an award of Section 1602 funds, and that the forms will be available on September 1.

The California Tax Credit Allocation Committee (CTCAC) has issued a memorandum to low-income housing tax credit property owners and managers announcing new policy changes for its 2010 compliance monitoring program.

The California Tax Credit Allocation Committee has released estimated totals and set-asides of tax credit funding available in 2010 through the state’s competitive allocation process.

California’s Senate Revenue and Tax Committee last week passed a bill (S.B. 1316) that would establish a new tax credit modeled after the federal New Markets Tax Credit (NMTC) program.

The California Tax Credit Allocation Committee has updated its 2010 9% Competitive Tax Credit Application and 2010 4% Competitive Tax-Exempt Bond Application Combining Federal and State Tax Credits.

The federal bank and thrift regulatory agencies ““ including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Office of Thrift Supervision ““ recently announced a series of upcoming public hearings on modernizing the regulations that implement the Community Reinvestment Act (CRA).

The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has announced that it is undertaking a holistic review of its authorizing statute and has scheduled a series of “listening sessions” to generate discussion and interest among CDFI stakeholders.

California state lawmakers recently passed legislation (S.B. 401) to conform state tax law to federal changes made since 2005.