California TCAC Publishes Memo With Tips for Unsuccessful LIHTC Applicants
The California Tax Credit Allocation Committee (TCAC) this week published a memo providing guidelines for applicants that were unsuccessful in this year's first round of low-income housing tax credit (LIHTC) allocation inviting them to reapply for the second cycle. Sixty-seven applications were submitted in the first round, requesting a total of more than $63 million in federal LIHTCs and more than $54 million in state LIHTCs, against approximately $27 million available in federal credit and $31 million available in state credit. The result, TCAC says, is that many applications that would have resulted in worthwhile new or preserved affordable rental housing were not allocated credits. As such, TCAC encouraged unsuccessful first cycle projects to reapply in the second round, which closes on July 22, 2004.