To increase alignment with TCAC/CDLAC – HCD pausing some guidelines/NOFAs
Alignment will provide you with more certainty and efficiency; Remove conflicting scoring criteria and definitions.
In July, HCD published its fiscal year 2020-21 Notice of Funding Availability (NOFA) calendar, showing NOFA release dates for state and federal housing-funding programs. Since then, the California Tax Credit Allocation Committee (TCAC) and California Debt Limit Allocation Committee (CDLAC) — two of our sister housing agencies — released draft regulations and are now engaging stakeholders for public comment with the goal of adopting regulations before the end of the calendar year.
With you — our customers — in mind, we, along with the California Housing Finance Agency (CalHFA), the Business, Consumer Services and Housing (BCSH) agency and the California Department of Finance (DOF) actively engaged during the regulatory processes, working to — where possible — align policy goals across the Administration and the Offices of the Treasurer and Controller and also remove conflicting scoring criteria and definitions.
Because the majority of HCD-funded projects ultimately seek tax credits from TCAC and/or bond allocations from CDLAC, we recognize the critical importance of state housing agencies working collaboratively in order to effectively increase and preserve the supply of affordable housing. In order to achieve this increased collaboration and alignment for our customers, HCD has decided to briefly pause its multifamily housing programs so TCAC and CDLAC can complete their processes, after which HCD will evaluate its multifamily program guidelines, looking for opportunities, where it makes sense, to align our programs in order to provide you with more certainty and efficiency.
The final TCAC and CDLAC regulation changes will also be factored in as we embark on the implementation of AB 434 in January 2021 to streamline HCD’s multifamily funding program guidelines, criteria, and application processes.
What is being paused?
The following guideline updates will be paused until further notice:
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