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Tax Credit Allocation Committee warns state credit pause would slow affordable production; asks for staff to manage rising compliance workload
Summary
TCAC said recent enhanced state credits and bond allocations significantly increased affordable housing production and urged continued state LIHTC funding; it also requested two managers and one development associate to handle expanded compliance duties resulting from new laws and more projects under oversight.
The Tax Credit Allocation Committee (TCAC) updated the subcommittee on the state's low‑income housing tax credit activity and requested three staff positions to support increased compliance workload.
TCAC Executive Director Marina White described the federal 9% and 4% LIHTC programs and the state's supplemental credit program. She said the demand for enhanced state credits has been high and that an additional $500 million in enhanced credits in recent years unlocked substantial federal 4% tax credits by pairing with bond‑financed projects.
White and committee members also discussed production impacts of state credits and uncertainty at the federal level that can make state resources more critical. "As resources dry up, projects that may have been feasible stop being feasible," White said, urging predictable and continued state support for the LIHTC program.
Separately, TCAC asked for $619,000 and three positions (two managers and one development associate) funded by application and compliance fees to support AB 2873 and AB 2006 compliance responsibilities that increase the annual portfolio TCAC must monitor. The Legislative Analyst said it had no objection to the requested staffing.
Why it matters: the LIHTC program is a principal finance tool for producing affordable rental housing in California. TCAC said state credits and bond allocations materially affect the number of projects that can proceed and that administrative capacity must match the portfolio the agency oversees.
