State Treasurer Fiona Ma announced $100 million is available now for additional low-income housing tax credits in eight RCRC Member counties. Federal legislation from Congressman Mike Thompson (D-Napa) last year provided these funds for counties in 2017 and 2018 disaster areas.
These funds are designed to assist rebuilding efforts in communities located in Butte, Lake, Los Angeles, Mendocino, Napa, Nevada, Orange, San Diego, Santa Barbara, Shasta, Sonoma, Ventura and Yuba Counties. These counties suffered devastating losses due to the Camp Fire, Tubbs Fire, Thomas Fire, and Mendocino Complex Fire. The California Tax Credit Allocation Committee (CTCAC), chaired by Treasurer Ma, awards federal and state Low-Income Housing Tax Credit Programs designed to promote private investments in affordable, low-income rental housing. CTCAC is currently in the process of developing emergency regulations to determine how these funds are distributed. The announcement can be accessed here.