CDLAC Allocates First Roundof Tax-Exempt Bond Cap for Year
The California Debt Limit Allocation Committee (CDLAC) yesterday met to allocate the first round of tax-exempt bond volume cap for the year. At the meeting, a number of changes to the allocation system and CDLAC’s procedures were proposed, such as the adoption of an “open window” application process that would permit applicants to apply for an allocation at any time during the open window period, with an expected 60 day turnaround from CDLAC. Other changes include expanding the definition of at-risk projects, disqualifying applicants with a significant record of noncompliance, adopting cost containment limits, removing the evaluation criteria awarding points for restricted rents that are more than 20 percent below market rents, and creating greater coordination with the Tax Credit Allocation Committee (TCAC) requirements and application process. The proposed changes are available for public comment until May 24, 2004. CDLAC has scheduled public hearings in Los Angeles on May 13 and in Sacramento on May 20. Adoption of the revisions will be considered at a CDLAC meeting tentatively set for June 23, 2004.