TCAC Issued New Rules Implementing a “Good Cause” Sstandard for All Affordable Housing Tenant Evictions and Renewals
Earlier this month, the California Tax Credit Allocation Committee (TCAC) issued new rules implementing a “good cause” standard for all affordable housing tenant evictions and renewals. This new requirement is in response to a provision in Internal Revenue Service (IRS) Revenue Ruling 2004-82 that clarified its position on the requirements for extended-use agreements for low-income housing tax credit (LIHTC) properties, contradicting the universally understood requirements that have long been used by state housing finance agencies and LIHTC professionals. The Washington State Housing Finance Commission (WSHFC) enacted a similar “good cause” policy late last year. More information will be available in the May issue of the Property Compliance Report.