California Governor Signs LIHTC Compliance Fines Bill

Monday, September 26, 2016 - 10:30AM

Gov. Jerry Brown signed a bill Sunday that authorizes the California Tax Credit Allocation Committee (TCAC) to establish a list of fines for property owners who violate terms of its low-income housing tax credit (LIHTC) agreements. Under the legislation, TCAC must define serious violations. For all other violations, first-time violators can correct the problem before a fine is imposed and can appeal any fines to TCAC. The agreements covered are those imposed by TCAC in addition to the basic LIHTC program requirements enforced by the Internal Revenue Service (IRS).

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