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| California Council for Affordable Housing |
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CCAH Board of Directors |
President
David Rutledge
Vice President
Tobbie Wells
Secretary
Patrick Sabelhaus
Treasurer
Catherine Talbot
Board Members
Laura Archuleta
Paul Chubick
David Shafer
Tina Williams
Cyrus Youssefi | |
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Dear ,
We are pleased to present the first in a series of quarterly newsletters from the California Council for Affordable Housing. We plan to use this format to keep you up-to-date on CCAH political initiatives, upcoming events, and any other general news we believe you may find of interest. Please feel free to drop us a line if you have suggestions for the newsletter or would like to hear more about a topic discussed within.
You can reach us by email at ccah@mgci.com or call us at 916-444-0286. We appreciate your support and look forward to hearing from you.
Sincerely,
Pat Sabelhaus
Secretary, CCAH |
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 CCAH Holds Annual Spring Conference in South Lake Tahoe, CA
Over 100 members and guests of the California Council gathered on June 29th - June 30th at Harvey's Resort and Casino in South Lake Tahoe, California for our annual Spring Conference. Guest Speakers included Bill Pavao, Executive Director of the California Tax Credit Allocation Committee (TCAC); Joanie Jones Kelly, Executive Director of the California Debt Limit Allocation Committee (CDLAC); with the Keynote Luncheon Address given by The Honorable John Chiang, California State Controller.
Please click here to read more about the conference. |
| CCAH Upcoming Events - USDA Rural Development Conference
Please join us on Tuesday, July 28, 2009 in Sacramento, CA for our annual USDA Rural Development Multi-Family Housing Management Conference. The meeting will be held at Lincoln Plaza North (home of CalPERS) at 400 P Street in Room 1190 which is the first floor auditorium.
Registration will be open from 8:00 a.m. - 9:00 a.m. The conference will begin promptly at 9:00 a.m. and will adjourn at 4:15 p.m. with CCAH Board Member, Paul Chubick of Buckingham Property Management, leading the meeting and providing updates on changes to USDA regulations and policies for managing properties in California.
To register for the event, please click here to download the registration form. You should fax the completed form to CCAH at (916) 444-3408 or email it to the attention of Alison Lee at ccah@mgci.com. Please call Alison directly at (916) 444-0286 with any questions. |
| CCAH Legislative Update
CCAH is actively working with State and Federal Legislators ensuring our members interests are being represented in all prospective and pending LIHTC or tax legislation. Below is a quck summary of legislation and CCAH's stance:
State Legislation
SB 16 (Lowenthal) - Amends the Revenue and Tax Code to allow state credits to be exchanged for cash from the Franchise Tax Board. Opposed by CCAH. The bill is currently on the Suspense File in the Senate Appropriations Committee.
SB 500 (Steinberg) - Introduced in February 2009 and proposes a permanent source of financing for affordable housing without yet specifying such a source(s). Held in the suspense file until further notice. CCAH has taken a neutral position and awaiting further details.
For consideration in 2010, amend Sec. 214(g) of the Rev. and Tax Code to provide that affordable housing units initially leased to tenants with incomes at or below 60% of median income will remain exempt from property taxes so long as rents remain tax credit restricted and the tenant income does not exceed 100% of median income (as opposed to 80% of median income, the current rule). The CCAH Board will review this legislative matter at its meeting on Sept. 8, 2009 and would appreciate your comments and suggestions. |
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CCAH Federal Update
At the Round Table discussion of the CCAH meeting in Tahoe on June 30, 2009, the members voted to support the following tentative federal legislative actions being considered by NAHB and AHTCC for 2009 and 2010:
1. Allow CDLAC/States to exchange a portion of tax exempt bond cap for cash from Treasury similar to Sec. 1602 funds. It is estimated that exchanging $3 of cap would generate $1 of cash to be utilized in lieu of or in conjunction with 4% tax credits. The impact on the U.S. Treasury would be neutral and thus more likely to be acceptable to Congress. As an example, if CDLAC exchanged $600 million of its $1.7 billion now allocated to multifamily housing (but not being utilized currently), it would generate approximately $200 million in cash for tax exempt/4% affordable housing projects in California.
2. Revise IRC to allow 5-year carryback of credits vs. reducing the credit period to 5 years vs. more flexible rules for passive losses. Obviously, the industry needs some form of incentive(s) to reinvigorate the investor/equity market.
3. Revise Sec. 42 to allow rents at 80% of median income with average rents not to exceed 60% of median income.
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| CCAH Membership Report
As of the June 28, 2009 Board Meeting, CCAH had a total of 85 registered members evidencing a slight decline from our membership in previous years. The Board will be naming a Membership Committee to target new members and sponsors for our future conferences. If you have any suggestions for members or sponsors, please email us and we will be happy to send them a registration package.
As of May 31, 2009, CCAH had approximately $163,000 in cash with total income exceeding expenses by $2,000 for fiscal year 2009. Stay tuned for an upcoming annoucement regarding the CCAH Scholarship Program. |
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