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California TCAC Extends 2016 LIHTC Readiness Deadlines

Tuesday, December 20, 2016 - 11:45AM

Citing the disruption of the low-income housing tax credit (LIHTC) market, the California Tax Credit Allocation Committee (TCAC) today extended the readiness deadlines for both first- and second-round 2016 state LIHTC awardees. TCAC will neither rescind credits nor assess negative points to 2016 first-round awardees if they meet the readiness criteria within three months of their 180/194-day readiness deadline. The same holds true for 2016 second-round awardees who meet the readiness criteria within two months of their deadline. It is a blanket extension and applicants don’t need to apply for specific extensions. TCAC also announced that if a 2016 development can’t meet the extended readiness deadline, it will rescind the state LIHTC award, but not impose negative points.

All extensions concern only state LIHTC awards.

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