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Affordable Housing Award
Nominations Due
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Don't delay -- there's just one week left to
complete and submit your nominations for the 2008
Affordable Housing and Community Development Awards.
Completed nominations are due in the Federation office
Monday, May 12. In addition to your outstanding
project of the year nominations, don't forget those
people who have done an exceptional job this year and
the special recognition that someone or a group might
deserve for going "above and beyond" in advancing
affordable housing.
There are two new categories this year. Nominate
your mentor, hero or heroine, or someone who has given
their career and life's energy for the new Lifetime
Achievement Award. And, if you completed a
rehabilitation project in 2007 it could be eligible for
the new project of the year award just for rehab
projects. For a complete list of award categories and
criteria, click here.
Sponsorships are also still
available. Remember that this event is the
Federation's biggest networking event of the year and
one that brings the industry out to honor special
achievements and to recognize those who make them
happen. Call Kelley at 619-239-6693.
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TCAC Underwriting Percentages
Revised |
In light of the continuing decline in
the federal applicable percentage, the California Tax
Credit Allocation Committee (TCAC) is revising downward
the applicable percentages used in underwriting projects
at the application stage.
Effective June 1, 2008 TCAC will
underwrite using the following percentages:
· 70
Percent Present Value Credits: 8.00%
· 30 Percent
Present Value Credits: 3.50%
These percentages will be represented
in TCAC's application forms in Section V.B.
Determination of Credit, page 25. Similarly, the above
applicable percentages are to be used in TCAC's portion
of any Universal Application submittals, line B.2., page
10, Any received applications currently undergoing TCAC
review will be underwritten to the previous standards.
Similarly, any 4 percent with tax exempt bond
applications received prior to June 1, 2008 will be
underwritten using the older percentages.
All applications received on or after
June 1 will be underwritten to the new, lower
percentages, including second round competitive
applications due July 24, 2008. If you have any
questions regarding this matter, please contact your
regional TCAC analyst.
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Prevailing Wage Doesn't
Apply |
On April 23, 2008, the California Court of Appeal
(First Appellate District, Division Two) released its
long-awaited decision in the so-called Woodhaven matter
(named after the original California Department of
Industrial Relations (DIR) decision No. 2005-34).
Reversing the trial court's August, 2006 ruling, the
Appellate Court found that California state low income
housing tax credits are not "public funds" within the
meaning of California Labor Code Section 172 and, thus,
do not impose a prevailing wage requirement on a
development. This ruling extends to state credits
the prevailing wage exemption which
already exists when using federal credits
in affordable
housing developments. | |
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Calendar |
"Framing Lives and
Building Hope"
A Celebration of People
and Communities
Thursday, June 12
5-7:30 p.m.
Handlery Hotel
950 Hotel Circle North
Mission Valley
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