California Health and Safety Code

§ 50199.5

HSC § 50199.5 Effective Jan 1, 1995Div. 31 · Part 1 · Ch. 3.6

Statute text

The Legislature hereby finds and declares all of the following:

(a)Section 42 of the Internal Revenue Code has been modified by the federal Revenue Reconciliation Act of 1989 to require that the housing credit agency establish a qualified allocation plan which sets forth selection criteria to be used to determine housing priorities that are appropriate to local conditions, and which gives preference in allocating housing credit dollar amounts to projects serving the lowest income tenants and projects obligated to serve low-income tenants for the longest periods.

(b)The qualified allocation plan shall encompass and incorporate the criteria and requirements set forth in Section 50199.14.

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Legislative history

Added by renumbering Section 50199.7 by Stats. 1994, Ch. 1164, Sec. 25. Effective January 1, 1995. Conditionally inoperative as provided in Section 50199.18.