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CALIFORNIA HOUSING FINANCE AGENCY RELEASES ANNUAL REPORT

Thursday, May 1, 2008 - 7:45AM

There are more than 232,000 LIHTC units in California, according to the California Tax Credit Allocation Committee's (TCAC's) 2007 Annual Report on the Allocation of Federal and State Low Income Housing Tax Credits in California. In 2007, TCAC awarded nearly $75.9 million in competitive 9 percent federal LIHTCs to 70 proposed housing projects. In addition, $71 million in state tax credits were awarded to 19 competitive 9 percent projects, and $23.4 million state LIHTCs were allocated to nine projects receiving 4 percent LIHTCs with tax-exempt bonds. TCAC expects that 4,424 affordable housing units will be built using 9 percent tax credits awarded in 2007, bringing the total aggregate number of affordable units awarded credit in the competitive, 9 percent program in California to 104,901. Including tax-exempt bond financed projects, TCAC has assisted 232,550 total affordable units with LIHTCs since the program's inception in 1987.

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