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Affordable Housing Managed Pipeline June 2021 Update to Stakeholders

ATTN: Stakeholders!


In response to the California Tax Credit Allocation Committee (CTCAC) final regulations, HCIDLA will
consider supporting requests to convert existing Proposition HHH/ AHMP/ AHSC projects currently
structured as 4% LIHTC/ tax-exempt bond transactions to restructure and apply to CTCAC for further
Consolidated Appropriations Act, 2020 ("FCAA") credits.


Projects will need to restructure the project financing using the Prop HHH 9% loan limits. Per the AHMP
regulations, projects shall be able to demonstrate a maximum CTCAC score and propose an amount of
HCIDLA subsidy, in combination with other leveraging sources, that is necessary to achieve a tie-break
score that is higher than the lowest winning final tie-break score of the respective set-aside from the last
CTCAC round.

Eligible Projects

  1. Must have firm HCIDLA funding commitments
  2. Must have an award of operating subsidy
  3. Must meet CTCAC second tie-break and the presence of an enforceable financing commitment to
    the specific project of at least $1,000,000 from the State of California Department of Housing
    and Community Development (“HCD”) and assuming a 4% tax credit financing structure such
    that the Federal Tax Credit request divided by the total eligible basis does not exceed 5%.

If more than one project responds, HCIDLA shall select to support the project that (a. is located within a
CAA disaster area fire perimeter, as designated by CAL FIRE and 8 available on the CTCAC website
https://www.treasurer.ca.gov/ctcac, and (b. has the lowest total development cost per unit.


Applicants will need to acknowledge that if the project is a special needs project, it will withdraw the
CTCAC application if the tie-break score is higher than the HCIDLA project already applying as a special
needs.


Interested applicants should confirm by replying to hcidla.nofa@lacity.org by Tuesday 6/15/21.
Subsequently, applicants must submit a draft CTCAC 9% LIHTC application, including the Point System
and Final Tie-Breaker Self Score to hcidla.nofa@lacity.org no later than Thursday, 6/17/21.

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