California has awarded nearly $147 million in low-income housing tax credits to affordable housing developments that will create more than 4,862 units for low-income families and individuals across the state.
The state also awarded $49 million in federal stimulus money to affordable housing projects, announced state Treasurer Bill Lockyer, chairman of the California Tax Credit Allocation Committee.
The committee approved the credits, both state and federal, and the stimulus awards.
“The credits will help spur new construction that will create jobs, and the stimulus money will revive old projects, putting people back to work,” Lockyer said.
Seventy-eight projects received tax credit reservations in the state’s single funding round this year.
State officials said the projects awarded credits in the recent round will be eligible to apply for American Recovery and Reinvestment Act exchange funds if they are unable to sell the credits or attract the necessary amount of equity. Applications for the exchange funds are due Nov. 10.