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California TCAC Releases Proposal for Allocating Remaining Wildfire-Recovery LIHTCs

Thursday, October 1, 2020 - 9:15AM

The California Tax Credit Allocation Committee (TCAC) released proposed regulation changes Wednesday related to the allocation of extra federal low-income housing tax credits (LIHTCs) for 2020 and 2021 for wildfire-damaged areas. Most of the extra LIHTCs were allocated in the 2020 round, so TCAC will establish a waiting list for leftover credits, with the most-damaged counties taking priority. The proposed regulations also require developments that received the wildfire-recovery LIHTCs to begin construction by Sept. 1, 2021, or lose their reservation. Those returned credits would be part of the credits available to the waiting list. Comments on the proposed regulations will be accepted through Oct. 21 and TCAC expects to finalize the regulations at a November meeting.

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