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