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CALIFORNIA PROPOSES NEW REGULATIONS FOR RECOVERY ACT FUNDS

Wednesday, March 18, 2009 - 8:00AM

The California Tax Credit Allocation Committee (TCAC) yesterday released a new proposed regulation section incorporating the American Recovery and Reinvestment Act of 2009, specifically the Tax Credit Assistance Program (TCAP) funding and credit exchange program. TCAC says it is providing the proposed regulations while waiting for more detailed program guidance from the Department of Housing and Urban Development (HUD) and the Secretary of the Treasury regarding these funding sources. HUD is expected to post the TCAP rules shortly, and it is likely that states will have short timelines for providing the plans they adopt for administering those funds. To prepare for the anticipated short federal timelines, TCAC says its staff is promulgating the proposed regulations for public review and comment. Comments on those regulations will be accepted in writing and at three public hearings. TCAC says the proposed regulations are likely to evolve as staff receive public comments and receive additional federal guidance.

TCAC’s regulations and other state responses to the Recovery Act will be the focus of Novogradac & Company’s conference A Look Ahead: The LIHTC and the Recovery and Reinvestment Act, May 13-14, 2009 in New Orleans, La.

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