TCAC Clarifies Lease Rider Process
On March 6, 2019, the California Tax Credit Allocation Committee (TCAC) released a notice describing the process for preparing and submitting a Lease Rider Agreement, which is required for all tax credit housing projects developed under a leasehold interest (i.e., where the land is subject to a ground lease). A copy of the notice can be found on the TCAC website here. The notice includes a link to a template for the required Lease Rider Agreement.
HUD Expands Support for LIHTC Program
The U.S. Department of Housing and Urban Development (HUD) recently announced refinements to its Low-Income Housing Tax Credit (LIHTC) Pilot Program (Pilot Program). These refinements are designed to expedite the review process related to new construction and substantial rehabilitation projects under Sections 221(d)(4) and 220 of the National Housing Act (NHA) that include LIHTCs. The HUD notice can be found here.