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On Oct. 21, the California Tax Credit Allocation Committee (TCAC) proposed extending the “Readiness-to-Proceed” deadline that applies to some 2013 low-income housing tax credit sites. The change would allow some in-state credit recipients with federal funding an additional 45 days to close their construction period financing as required under Readiness-to-Proceed point scoring. Under TCAC’s point system, 20 points is available to projects that are able to begin construction within 180 days of the credit reservation.
