The California Tax Credit Allocation Committee (TCAC) is postponing the first round of low-income housing tax credits (LIHTCs) this year in the wake of the recent signing of the economic stimulus plan, which makes several changes to the tax credit program.
"In order to fully disclose its direction to prospective 2009 applicants, TCAC is hereby postponing the first-round application due date from April 6, 2009, to a later date," said Executive Director William Pavao in an announcement. The committee will disclose the new deadline as soon as it establishes the timing for adopting new regulations.
The stimulus plan makes available $2 billion to housing tax credit agencies nationwide to be used for gap financing to help stalled LIHTC projects. The bill also includes a provision to allow agencies to use a portion of their tax credits as grants.
TCAC said it will likely make federal cash resources available to some sponsors with current LIHTC reservations as well as those seeking 2009 credits.
