The California Tax Credit Allocation Committee (CTCAC) will distribute $67 million in federal stimulus money to jump-start 14 affordable housing projects throughout the state.
The developments will provide 892 units for low-income families and individuals.
CTCAC approved the awards in exchange for previously awarded and unused low-income housing tax credits (LIHTCs). The exchange program was made possible under the American Recovery and Reinvestment Act (ARRA) to help boost the affordable rental housing market. Developers can turn in their credits for cash at a value of $0.85 per dollar of credit. While LIHTCs are distributed annually over 10 years, the exchange money is awarded in a lump sum. California officials say the developers could have their cash in hand in as few as 60 days.
Additional ARRA exchange funds are scheduled to be distributed at an Aug. 26 special CTCAC meeting and in December. Applications for the December meeting are due Nov. 10.