The California Tax Credit Allocation Committee (TCAC) has closed its second-round application period for low-income housing tax credits (LIHTCs).
According to an initial count, TCAC officials received 87 9% applications and four 4% applications (requesting federal and state tax credits). The deadline to submit an application was July 1.
In June, the agency awarded its first-round reservations, including a $2.5 million LIHTC award to a 72-unit development in San Francisco. Hunters View Block 10 is the third affordable housing development in the large Hunters View public housing revitalization project spearheaded by Ridgepoint Non-Profit Housing, Devine & Gong, and The John Stewart Co.
Once completed, it will fully replace the remaining dilapidated public housing units on the site, says Jack Gardner, president and CEO of The John Stewart Co.
In addition to the new housing units, the development will feature a large community center with health-care and supportive service space, a community room and a kitchen, a senior lounge, a gym, retail space, and a childcare center that will serve the larger development.
The award is one of the largest federal LIHTC awards made in the recent first round by TCAC, which reserved $43.5 million in federal 9% LIHTCs and $55.8 million in state housing credits to 48 developments.
AMCAL Multi-Housing and Korean Churches for Community Development also received a $2.5 million reservation to build The Meridian Apartments, a 100-unit project in Los Angeles.
In TCAC’s set-aside group, 27 projects received $19.1 million in federal credits and $50.9 million in state credits.
In CTCAC’s geographic regions, 21 developments received $24.4 million in federal credits and $4.9 million in state credits. Several 4% awards were also recently approved.
CTCAC received a total of 81 9% applications and nine 4% applications in the first round.