California Health and Safety Code

§ 50199.10

HSC § 50199.10 Effective Jan 1, 2017Div. 31 · Part 1 · Ch. 3.6

Statute text

(a)For purposes of allocating low-income housing credits, the committee is hereby designated as this state’s only housing credit agency for purposes of Section 42(h) of the federal Internal Revenue Code (26 U.S.C. Sec. 42(h)). The committee shall annually determine and shall allocate the state ceiling in accordance with this chapter and in conformity with federal law. The committee shall determine the housing credit ceiling as soon as possible following the effective date of this chapter and thereafter following the commencement of each calendar year. The committee shall undertake any and all responsibilities of housing credit agencies under Section 42 of Title 26 of the United States Code, including entering into regulatory agreements relating to projects that are granted awards.

(b)The committee shall develop and provide application forms for use by housing credit applicants. The committee shall adopt uniform procedures for submission and review of applications of housing credit applicants, including fees to defray the committee’s costs in administering this chapter. In the committee’s discretion, the fees shall be charged to a housing credit applicant as a condition of submitting an application or as a condition of receiving an allocation or reservation of the state’s current or anticipated housing credit ceiling, or both.

(c)In addition to allocating the current housing credit ceiling, the committee may reserve a portion of the state’s anticipated housing credit ceiling for a subsequent year for a housing credit applicant.

…

Legislative history

Amended by Stats. 2016, Ch. 611, Sec. 1. (AB 1920) Effective January 1, 2017. Conditionally inoperative as provided in Section 50199.18.