1 California Tax Credit Allocation Committee Update Mark Stivers, Executive Director.

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Presentation transcript:

1 California Tax Credit Allocation Committee Update Mark Stivers, Executive Director

Recap of % Competition Approximately $91.8 million in annual federal credit awarded in 2014 Plus $97.5 million in State credits (up from $77.7) 173 applications received during two rounds 2

2014 9% Competition Results 83 projects awarded credits (84 in 2013) Success rate of applicants: 48% (44% in 2013) Will produce 4,931 units (5,171 in 2013) Average project size: 59 units (62 in 2013) 3

First Round Preliminary Information 81 nine percent applications received in 2015 First Round 60 New Construction 16 Acquisition & Rehabilitation* 5 Rehabilitation Only Range of federal credit requested: $243K to $2.5M *1 application also proposing minor new construction 9 four percent + state applications received

First Round Preliminary Information 49 potential 9% awards based on current scoring status 60% success rate $43.3M in annual federal credit ($43.1M in 2014 R1) 30 new construction (35 in 2014 R1) 19 acquisition/& or rehabilitation (6 in 2014 R1) 2,586 total units (2,328 in 2014 R1) 2,519 low income units (2,289 in 2014 R1)

2015 Preliminary First Round Results Average project size: 53 units (59 in 2014) Average TDC: $15.8M ($20.0M in 2014) Average federal credit award: $885K ($1.105M in 2014) Average federal credit per unit: $16,774 ($18,615 in 2014) Average public contribution: $4.4M ($6.0M in 2014) 27.95% of TDC (30.2% in 2014) 6

First Round Preliminary Information Information on state credit potential awards: 25 nine percent awards (17 in 2014 R1) $60.6 million in state credit ($52.9M in 2014 R1) 4 four percent awards (8 in all of 2014) $10.3 million in state credit, but may be $13 million ($9.0M in 2014 R1) $13 million in state credits available for 4% projects in all of 2014

First Round Preliminary Information Special Needs housing type 7 potential awards All special needs projects deemed to be in DDA/QCT 6 projects eligible for DDA/QCT 130% federal boost and requesting state credit 1 project in DDA/QCT, receiving 130% federal boost and not requesting state credit

First Round Preliminary Information Native American rural set-aside apportionment 2 applicants Point self-scores: 146 and 147 Final tiebreaker scores: % and % Public funds: $3.1M and $1.4M TDC: $9.4M (24 units) and $11.5M (30 units) Credit requests: $558K and $874K

Information on 49 potential awards: 61.2% New Construction (83% in 2014) 38.8% Acquisition &/or Rehabilitation (17% in 2014) Average Number of Units per Project 55 in New Construction projects (58 in 2014) 50 in Acq &/or Rehabilitation projects (65 in 2014) 10 New Construction vs. Rehab Trends

Housing Type 63% of Large Family are New Construction (87% in 2014) 17% of Seniors are New Construction (88% in 2014) Rural 18 Rural awards – 50% are New Construction 50% of rural awards are New Construction (86% in 2014) 11 New Construction vs. Rehab Trends

2015 Preliminary R1 Unit Level Results Average cost per unit: $299,290 $336,407 average in % decrease from 2014 Average new construction cost per unit: $367,750 $372,299 average in % decrease from 2014 Average acq/rehabilitation cost per unit: $180,409 $178,874 average in 2014 <1% increase from