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TCAC PROPOSES CHANGES TO REGULATIONS REGARDING STATE LIHTCS

Tuesday, May 29, 2007 - 8:00AM

The California Tax Credit Allocation Committee (CTCAC) announced last week that it will hold a public hearing on June 13 regarding proposed amendments to the low-income housing tax credit (LIHTC) qualified allocation plan (QAP). The existing regulations mandate that applicants for federal 9 percent LIHTCs must be offered and must accept state credits in the order in which they were awarded credits during the competitive process. TCAC says this language allows no administrative latitude to account for the particular circumstances surrounding a specific project, or the application pool as a whole, and that administrative latitude in the state credit exchange exercise would serve the public interest by allowing efficiencies while maximizing the effectiveness of all tax credit resources.

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