California State Assembly Speaker Anthony Rendon has named Menlo Park City Councilmember Ray Mueller to the California Tax Credit Allocation Committee (TCAC). Mueller, a second term Menlo Park City Councilmember, will fill the seat representing California cities on the 7-member Committee, which includes the State Controller, the State Treasurer and the Governor’s Director of Finance.
The TCAC administers two low-income housing tax credit programs – a federal program and a state program. Both programs are authorized to encourage private investment in affordable rental housing for households meeting certain income requirements.
In California, the demand for low-income housing tax credit has recently exceeded the supply by approximately two to one (2:1). This means, of course, many good, worthwhile projects are unable to be awarded credit. It also means a rather elaborate set of legal and regulatory rules for determining what projects are awarded credit has been established.
As a member of TCAC, Mueller will play a key role in allocating federal and state tax credits, verifying that developers meet all requirements, and ensuring the affordable and habitability of the developments. Mueller expressed gratitude in receiving the appointment.
For more information, visit the California Tax Credit Allocation Committee.