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State to preserve TCAC/CDLAC pathway while creating HDFC track for projects needing state subsidy
Summary
Agency leaders said AB 519's implementation will maintain a direct TCAC/CDLAC application path for projects that do not require state subsidies while offering an HDFC path for projects that do, aiming to avoid disrupting programs that run multiple rounds per year and stakeholder familiarity.
Marina Wyant, the executive director overseeing TCAC and CDLAC, told the committee that stakeholders stressed the need to preserve an existing direct application pathway for projects that do not require additional state subsidies.
Wyant described a two‑track system in which projects that already have local subsidy or do not need state subsidy can continue to apply directly to TCAC or CDLAC with established cycles (TCAC/CDLAC run multiple rounds per year), while projects that need state subsidy may use the HDFC consolidated portal and receive concurrent consideration for tax credits and bonds.
Tony Sertes and other agency leaders said this design reflects repeated stakeholder feedback that the existing TCAC/CDLAC processes are a known quantity and that a preserved direct path would prevent disruption for projects that rely on predictable rounds. The panel said bond set‑asides at CDLAC would be created for HDFC‑funded projects so that bond and tax credit awards can be handled concurrently after an HDFC award.
"There will be two separate applications for each path, one for each path," an agency witness explained, adding that, behind the scenes, HDFC aims to transfer award‑level information to CDLAC to process bonds and tax credits without requiring duplicate submissions.
