California TCAC Releases Final Proposed LIHTC Regulations
The California Tax Credit Allocation Committee (TCAC) released final proposed regulations for the state low-income housing tax credit (LIHTC) incentive. TCAC announced changes in initial proposed changes as well as those areas in which the initial proposed changes were retained or withdrawn. TCAC also made eight emergency proposed regulation change proposals. California’s 2020 state budget legislation in July included an additional $500 million in state LIHTCs and the authority to use the 130 percent basis adjustment from that allocation, prompting the need for changes in regulations. TCAC staff recommended adoption of the regulations Oct. 28.