CHAPTER 3.6. Low-Income Housing Credit
Chapter 3.6 added by Stats. 1987, Ch. 658, Sec. 3.
§§ 50199.4–50199.25 · 21 sections
- § 50199.4 The Legislature hereby finds and declares all of the following: (a) The federal Tax Reform Act of 1986 (Public Law 99-514) and subsequent amendments to the…
- § 50199.5 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…
- § 50199.6 (a) This chapter is enacted to implement the low-income housing tax credit established by Section 42 of the Internal Revenue Code (26 U.S.C. Sec. 42) as it may…
- § 50199.7 As used in this chapter: (a) “Committee” means the Mortgage Bond and Tax Credit Allocation Committee, which is renamed the California Tax Credit Allocation…
- § 50199.8 The committee is composed of the Governor, or in the Governor’s absence, the Director of Finance, the Controller, the Treasurer, the Director of Housing and…
- § 50199.9 (a) The committee shall establish and charge fees which it determines are reasonably sufficient to cover all of the costs of the committee in carrying out its…
- § 50199.10 (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…
- § 50199.11 The committee may also contract with other entities, including the department and the agency, to aid in the processing and review of applications.
- § 50199.12 The committee shall adopt and supply forms for eliciting information for purposes of this chapter from housing credit applicants. Housing credit applicants…
- § 50199.13 Except as specified in the application and as approved by the committee at initial reservation, no allocation or reservation of the housing credit ceiling…
- § 50199.14 (a) The committee shall allocate the housing credit on a regular basis consisting of two or more periods in each calendar year during which applications may be…
- § 50199.15 (a) The committee shall annually submit to the Legislature by April 1 of each year a report specifying, with respect to its activities under this chapter…
- § 50199.16 All acts and proceedings taken by the committee prior to the effective date of this chapter to allocate the housing credit ceiling for 1987 under the…
- § 50199.17 (a) The committee may adopt, amend, or repeal rules and regulations for the allocation of housing credits pursuant to this chapter and Sections 12206,…
- § 50199.18 This chapter shall remain in effect as long as Section 42 of the Internal Revenue Code, relating to low-income housing credits, remains in effect. However,…
- § 50199.20 (a) Not less than 20 percent of the federal ceiling on low-income housing tax credits shall be set aside for allocation to rural areas as defined in Section…
- § 50199.21 (a) “Rural area” for the purpose of this chapter and Sections 17058 and 23610.5 of the Revenue and Taxation Code, means an area that on January 1 of any…
- § 50199.22 (a) Upon being informed that information, supplied by a housing credit applicant, or any person acting on behalf of a housing credit applicant, pursuant to…
- § 50199.23 (a) For the purposes of this section, the following definitions apply: (1) “Control” means exercising the power to make policy decisions and active involvement…
- § 50199.24 (a) (1) In the City and County of Los Angeles, where the federal Department of Housing and Urban Development has granted an authority, as defined in Section…
- § 50199.25 (a) Under the state’s authority to issue regulations to implement Section 42 of the Internal Revenue Code (26 U.S.C. Sec. 42 et seq.) and effect its purpose,…