California Health and Safety Code CHAPTER 3.6 - Low-Income Housing Credit

• Section 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...
• Section 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 Reconciliation...
• Section 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)...
• Section 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 Committee. All references...
• Section 50199.8.
  The committee is composed of the Governor, or in the Governor’s absence, the Director of Finance, the Controller, and the Treasurer. The Director of Housing...
• Section 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...
• Section 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 Section 42(h) of...
• Section 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with other entities, including the department and the agency, to aid in the processing and review of applications.(Repealed and added...
• Section 50199.12.
  The committee shall adopt and supply forms for eliciting information for purposes of this chapter from housing credit applicants. Housing credit applicants shall provide the...
• Section 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 under...
• Section 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...
• Section 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...
• Section 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...
• Section 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, 17053.14,...
• Section 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,...
• Section 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...
• Section 50199.21.
  “Rural area” for the purpose of this chapter and Sections 17058 and 23610.5 of the Revenue and Taxation Code, means an area, which, on January...
• Section 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...

Last modified: October 22, 2018