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Wednesday, May 13, 2009 - 8:00AM

The California Tax Credit Allocation Committee today published an application for cash in lieu of tax credits. The program, created by the American Recovery and Reinvestment Act of 2009, allows those projects that have a 2007 or 2008 reservation of low-income housing tax credits (LIHTCs) that have been unable to secure an equity investor to receive an award equal to the stated equity in the original application up to 85 cents for every currently reserved federal tax credit dollar. In a memo that accompanied the application's release, TCAC says that uncertainty remains about the availability of funds to replace state tax credits. As such, the application published today is only for 2007 and 2008 9 percent LIHTC reservation holders who do not have state tax credits in the deal. Applications must be submitted by 4 p.m. on May 20, 2009. Click here for more information about TCAC's-and other LIHTC allocating agencies'-plans for the Recovery Act's LIHTC provisions.

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