California Awards $1 Billion in Federal Disaster-Relief LIHTCs to Fire-Ravaged Counties

Friday, June 19, 2020 - 9:00am

The California Tax Credit Allocation Committee (CTCAC) Thursday approved a plan to allocate $1 billion in federal disaster relief low-income housing tax credits (LIHTCs) to counties affected by wildfires in 2017 and 2018. The extra LIHTCs were allocated as part of federal budget bills at the end of 2019. The CTCAC plan allocates $25 million to each of the 13 counties, with remaining LIHTCs awarded based on the percentage of housing units lost in each county. Butte County will receive $401 million in LIHTCs and Sonoma County will receive $164 million. There will be three application rounds: July 1, 2020; March 1, 2021; and July 1, 2021.