2024 Application Information: $500 Million State Credit for 4% Credit New Construction Multifamily Housing
For 2024, the application and allocation timing of the $500 million in state tax credits will utilize the 4% credit calendar year application cycles. See the 2024 Program Schedule and Deadlines. Applications with financing by the California Housing Finance Agency’s (CalHFA) Mixed-Income Program will be accepted in the 1st 4% funding round, subject to request by CalHFA, until the up to $200,000,000 amount is exhausted or reduced pursuant to CTCAC regulation sections 10305(h) and 10326(b)(2).
The 2024 CDLAC/CTCAC Joint Application is available on the website and is required by CTCAC for applications requesting tax credits and tax-exempt bond financing. As a reminder, a CTCAC allocation is contingent upon receipt of a CDLAC allocation, pursuant to CTCAC regulation sections 10326(h) and (j).
Following an application deadline, CDLAC will publish an applicant list that includes applicant point and tie breaker self-scores. CDLAC will review and score the highest-ranking applications. Point reductions are subject to the CDLAC appeal process (see CDLAC Regulation Section 5036 for more information). Any projects not meeting CDLAC application and program requirements will not receive a federal or state tax credit allocation.
Projects awarded these state tax credits shall submit the documents required in Section 10317(j) no later than the CDLAC bond issuance deadline.
Projects receiving a bond allocation in 2023 are not eligible to apply for state tax credits allocated in 2024. In order to ensure fair access to these new state tax credits, CTCAC limits the percent of state credit allocation that any one developer may receive in the first funding round: no more than 33% to a single developer or its affiliates.
See Application Information for general application information, including a State Tax Credit Dashboard of awarded and remaining state tax credits.