California to Discuss State LIHTC Over-Allocation
California State Treasurer John Chiang yesterday invited discussion on the over-allocation of California state low-income housing tax credits (LIHTCs). If affordable rental housing developments qualify for more state credits than are available for a particular year, the California Tax Credit Allocation Committee (TCAC) draws state credits from the next year’s allocation round. Treasurer Chiang said the growing amount of state LIHTCs TCAC forward commits is becoming unsustainable. TCAC forward committed $10 million of 2015 state LIHTCs last year and $30 million of 2016 state LIHTCs this year. Forums to discuss improving allocation strategies will be held Dec. 3 in Los Angeles and Dec. 8 in Oakland.