Sign Up For Novogradac Industry Alert Emails

CALIFORNIA GOVERNOR SIGNS LIHTC EXCHANGE BILL

Tuesday, October 15, 2013 - 7:00AM

On Oct. 12, California Gov. Jerry Brown signed into law a bill that allows the California Tax Credit Allocation Committee (TCAC) to award state low-income housing tax credits (LIHTCs) to developments in qualified census tracts  or difficult development areas  if at least 50 percent of the units are reserved for special needs tenants. Under the law, TCAC can replace federal LIHTCs with state LIHTCs of up to 30 percent of a development’s eligible basis, as long as the federal LIHTC is reduced by the same amount.

Tune into the Oct. 22 episode of the Tax Credit Tuesday podcast to hear more about the bill.

Learn more about Novogradac's expertise and many services