The California Tax Credit Allocation Committee (CTCAC) has released a set of proposed changes, including plans to incorporate a $500 million annual increase in state low-income housing tax credits (LIHTCs) into its program.
State lawmakers recently approved the big boost in state credits to help developers build more affordable housing around the state. For 2020, the $500 million in state credits will be available through the noncompetitive application process. CTCAC is also looking to add authority to utilize the 130% basis increase with state credits allocated from the new $500 million.
The memorandum lists 37 proposed changes.
Agency leaders have scheduled a series of public meetings to discuss the proposed LIHTC program amendments in September.
