California Health and Safety Code 50199.20 – (a) Not less than 20 percent of the federal ceiling on …
(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. Any amount of credit set aside for rural areas remaining after the ranking of credits in the final cycle of any calendar year shall be available for allocation to any eligible project.
(b) Up to 2 percent of the low-income housing tax credit available under this chapter and Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code may be set aside for small developments as determined by the committee. Any amount of credit set aside for small developments remaining after the ranking of projects in the final cycle of any calendar year shall be available for allocation to any eligible project.
Terms Used In California Health and Safety Code 50199.20
- Committee: means the Mortgage Bond and Tax Credit Allocation Committee, which is renamed the California Tax Credit Allocation Committee. See California Health and Safety Code 50199.7
- farmworker housing: means housing for agricultural workers that is available to, and occupied by, only farmworkers and their households. See California Health and Safety Code 50199.7
- project: has the meaning specified in Section 42(c)(2) of the federal Internal Revenue Code (26 U. See California Health and Safety Code 50199.7
(c) Not less than the amounts specified in clause (v) of subparagraph (B) of paragraph (1) and paragraph (4) of subdivision (g) of Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code shall be set aside to provide farmworker housing, as defined in subdivision (h) of § 50199.7 of the Health and Safety Code.
(Amended by Stats. 2022, Ch. 638, Sec. 1. (AB 1654) Effective January 1, 2023. Conditionally inoperative as provided in Section 50199.18.)