California Code of Regulations › Title 4 - Business Regulations › Division 17 - California Tax Credit Allocation Committee Regulations Implementing the Federal and State Low-Income Housing Tax Credit Laws › Chapter 2 - Farm Workers Housing Assistance Program › Section 11001 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				Agricultural Worker or Farmworker. As defined in subdivision (b) of Section
				1140.4 of the
				Labor Code.
(b) Allocation. The
				action taken by the Committee in awarding credit to an applicant.
(c) Cash flow or Cash flow after debt
				service. The gross income minus vacancy and collection loss, operating
				expenses, property taxes, replacement reserves and debt service.
(d) Committee. The California Tax Credit
				Allocation Committee.
(e)
				Compliance period. The period of 30 consecutive taxable or income years
				beginning with the taxable or income year in which the credit is
				allowable.
(f) Critical occurrence.
				A declaration of a federal or state emergency by the Governor of the State of
				California; or, a declaration by the Committee subsequent to an event or series
				of events occurring within a county or local area in which a Farmworker Housing
				Assistance Program project is located which threatens the welfare or safety of
				a project or the tenants of the project.
(g) Developer Fee. Amount of identified uses
				of project funds paid as compensation for developing a proposed project that
				includes all Credit consultant fees, broker fees, processing agent fees,
				developer overhead and profit, compensation for any construction management
				oversight provided by the developer, the cost of any personal guarantees,
				syndicator consulting fees, and reserves in excess of those customarily
				required by multi-family housing lenders.
(h) Economic Feasibility. Determinations of
				the Committee based upon evidence submitted by the applicant that financial
				capacity exists to complete or ensure completion of a project and to sustain,
				operate and maintain, or ensure the operation and maintenance of the project
				for the compliance period; and, that the project operating budget is adequate
				to operate the project for the compliance period
(i) Eligible Costs. Total finance costs,
				construction costs, excavation costs, installation costs and permit costs paid
				or incurred to construct or rehabilitate farmworker housing. Eligible costs
				include but are not limited to improvements to ensure compliance with laws
				governing access for persons with disabilities and costs related to reducing
				utility expenses. Non Eligible Costs include land and those costs financed by
				grants and below market financing provided by federal or State
				government.
(j) Family housing
				projects. A project where all units consist of 3 or more rooms for households
				as defined below.
(k) FTB.
				California Franchise Tax Board.
(l)
				Household. As defined in Section
				7602 of Title 25 of the California
				Code of Regulations.
(m) Qualified
				accountant. As defined in Section
				17053.14(f)(7)
				of the Revenue and Taxation Code.
(n) Qualified farmworker housing. Housing
				located within this state which satisfies the requirements of the Farmworker
				Housing Assistance Program as specified in Revenue and Taxation Code Section
				17053.14(f)(5).
(o) Qualified year. As defined in Section
				23608.2(a)(3)
				of the Revenue and Taxation Code.
(p) Reservation. The preliminary award of
				Credit to a proposed project intended to be eligible for Credit.
(q) Total Project Costs. Total finance costs,
				construction costs, excavation costs, installation costs, land costs and permit
				costs paid or incurred to construct or rehabilitate farmworker housing.
				Eligible costs include but are not limited to improvements to ensure compliance
				with laws governing access for persons with disabilities and costs related to
				reducing utility expenses. Non Eligible Costs include any costs associated with
				the syndication of the Credit.
1. New section
				  filed 9-29-98; operative 9-29-98 pursuant to Government Code section
				  11343.4(d)
				  (Register 98, No. 40).
Note: Authority cited: Section
					 50199.56,
					 Health and Safety Code. Reference: Sections
					 50199.50,
					 50199.55(a)
					 and
					 50199.56,
					 Health and Safety Code; and Sections
					 17053.14(a), (b),
					 (f),
					 23608.2(f)
					 and
					 23608.3(f),
					 Revenue and Taxation Code.