California Tax Credit Allocation Committee (TCAC)
The federal Low-Income Housing Tax Credit (LIHTC) Program was authorized by Congress in 1986 to encourage the production of affordable rental housing. The program has been, since 1987, the largest production and incentive program for the new construction and rehabilitation of affordable rental housing. In California, the responsibility for administration of the program was assigned to the Tax Credit Allocation Committee (TCAC), by gubernatorial proclamation and enactment of SB 113, Chapter 658, Statutes of 1987. In addition to the federal LIHTC program, the state legislature authorized a state low income housing tax credit program to augment the federal tax credit.
TCAC is responsible for administering both the federal and state tax credit programs. Benningfield Group receives and reviews applications for tax credits according to the requirements and criteria previously set forth in action plans and program regulations. Reviews include a detailed feasibility and development cost analysis. Based on staff recommendations, the Committee awards tax credits to eligible projects. Benningfield Group performs the reviews of California Utility Allowance Calculator (CUAC) submissions to TCAC to ensure compliance with 2008 or newer, as applicable, Title 24 Energy Efficiency Standards and sustainable building methods, as identified in TCAC program rules and regulations for affordable multifamily developments that are awarded federal and state low-income housing tax credits in California.