Low-income housing tax credit developers in California like having two allocation rounds.
They made that clear in a recent survey conducted by the California Tax Credit Allocation Committee (CTCAC). As a result, the usual two rounds are being planned for 2009.
About 74 percent of the survey respondents opposed having a single round with an early 2009 application, while 26 percent supported the idea.
The people who answered “no” to a single round were then asked if they preferred having the usual two rounds but with fewer credits available in the first round and more in the second. Overwhelmingly, 82 percent said “no” again.
The upshot is a significant majority wants to stick with two rounds, with about an equal amount of credits being awarded in each cycle.
More than half of the 254 survey respondents submitted written remarks, with many expressing a desire for continuity, according to CTCAC leaders.
In other news, state Treasurer Bill Lockyer, who chairs CTCAC as well as the California Debt Limit Allocation Committee (CDLAC), announced that the two agencies have reserved the additional bond financing and tax credits that the state received this year under the Housing and Economic Recovery Act.
CDLAC approved financing for 21 projects and programs, and CTCAC reserved additional credits to six projects. The state received about an additional $14 million in credits this year.