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CTCAC Grants Six-Month Placed-In-Service Extension for Properties that Received LIHTC Carryforward Allocation in 2018 or 2019

Tuesday, June 16, 2020 - 9:45AM

The California Tax Credit Allocation Committee (CTCAC) granted Monday a six-month extension of placed-in-service deadlines for properties that received a low-income housing tax credit (LIHTC) carryover allocation in 2018 and 2019, due to complications from the COVID-19 pandemic. The extension is allowed pursuant to Notice 2014-49, since the state was covered by a presidential declaration of a major disaster. Properties that received 2018 carryover allocations now have a placed-in-service deadline of June 30, 2021, and properties that received a 2019 carryover allocation have a placed-in-service deadline of June 30, 2022. CTCAC said it is seeking guidance for properties that will receive a 2020 carryover allocation.

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