The California Tax Credit Allocation Committee (CTCAC) has announced that it will hold a single funding round in 2009 instead of its traditional two rounds.
In an April 8 memo, CTCAC Executive Director William Pavao explained that the change is in order to meet various low-income housing tax credit program deadlines and new time constraints as the agency prepares to administer the American Recovery and Reinvestment Act of 2009.
He cited concerns that a late second round will jeopardize the state’s ability to meet the federal Dec. 31 carryover allocation deadline and the state’s ability to access national pool credits. In addition, a late second round could compromise the ability of tax credit projects to fully benefit from the funding made available by the act, according to CTCAC.
Under a single-round schedule, applications will be due June 9, with preliminary reservations being made Sept. 9. CTCAC is proposing to provide more time for certain readiness requirements.
Details are available at www.treasurer.ca.gov/ctcac.