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CALIFORNIA LIHTC AGENCY & OTHERS RESPOND TO NEW HOUSING LAW

Thursday, July 31, 2008 - 7:15AM

The California Tax Credit Allocation Committee (TCAC) released a memo today that discusses its plans to address issues of immediate concern and interest to the low-income housing tax credit (LIHTC) community resulting from changes to the law made by H.R. 3221, the Housing and Economic Recovery Act of 2008. Today's memo lists five specific changes that TCAC is considering, as well as the staff's proposed recommendations that will be presented to the committee at its August 20, 2008 meeting.

Several other states' housing finance agencies have announced similar plans. For example, the Colorado Housing Finance Authority announced yesterday that it is reviewing changes to the law and discussing the best way to incorporate them into the state's 2009 qualified allocation plan (QAP). Similarly, the Texas Department of Housing and Community Affairs (TDHCA) announced today that it will host a work group to gather input on the options for implementing the provisions of the new law that relate directly to the LIHTC program.

To learn about the full range of changes made by the new law to the LIHTC program, register for Novogradac and Company's Affordable Housing Webinar on the 2008 Housing Act to be held on August 12. The impact of the new law will also be discussed in San Francisco on September 10-11 at the 15th Annual San Francisco Affordable Housing Conference, where California Treasurer Bill Lockyer, who serves as chair of the California Tax Credit Allocation Committee (TCAC), is slated to deliver the keynote address.

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