As required by the IRS, the newly resyndicated project will continue to use the originally assigned Building
Identification Numbers (BINs).
The newly resyndicated project shall continue to meet the rents and income targeting levels in the existing
regulatory agreement(s) and any deeper targeting levels in the new regulatory agreement(s) for the duration
of the new regulatory agreement(s). Existing households determined to be income-qualified for purposes of
IRC §42 credit during the 15-year compliance period are concurrently income-qualified households for
purposes of the extended use agreement. As a result, any household determined to be income qualified at
the time of move-in under the existing regulatory agreement (CA-03-921) is a qualified low-income household
for the subsequent allocation (existing household eligibility is “grandfathered”).
The project is a resyndication where the existing regulatory agreement requires service amenities. The
project shall provide a similar or greater level of services for a period of at least 15 years under the new
regulatory agreement. The project is deemed to have met this requirement based on CTCAC staff’s review
of the commitment in the application. The services documented in the placed in service package will be
reviewed by CTCAC staff for compliance with this requirement at the time of the placed in service
submission.
The project is a resyndication occurring concurrently with a Transfer Event with distribution of Net Project
Equity. The rehabilitation scope of work shall include all of the Short Term Work in the amount of $329,428.
There is a Developer Fee Contribution of at least $329,428, allowing the applicant to receive eligible basis for
the entire Short Term Work amount
The applicant has requested and been granted a waiver to reduce the 10% mobility feature requirement
under CTCAC Regulation Section 10325(f)(7)(K) down to 5%.
Resyndication and Resyndication Transfer Event
Prior to closing, the applicant or its assignee shall obtain CTCAC's consent to assign and assume the
existing Regulatory Agreement (CA-03-921). To be eligible for a new award of tax credits, the owner must
provide documentation with the Form 8609 request (the placed in service submission) that the acquisition
date and the placed in service date both occurred after the existing federal 15 year compliance period was
completed. For resyndications that were originally rehabilitation and acquisition, the resyndication acquisition
date cannot occur before the last rehabilitation credit year of the original credit period.
Significant Information / Additional Conditions
This project involves the substantial rehabilitation of 3 scattered-site buildings located in the city of Los
Angeles.
At place-in-service, any units not occupied by income-qualified tenants will be not considered tax credit units
and the applicable fraction will be adjusted accordingly. However, these units will be rent-restricted at 60% of
area median income (AMI) in the recorded CTCAC regulatory agreement in order to meet the scattered-site
requirement of Section 42(g)(7) of the Internal Revenue Code. The recorded CTCAC regulatory agreement
will also require that upon turnover the unit(s) must be occupied by income-qualified tenants.
Except as allowed for projects basing cost on assumed third party debt, the “as if vacant” land value and the
existing improvement value established at application for all projects, as well as the eligible basis amount
derived from those values, shall not increase during all subsequent reviews including the placed in service
review, for the purpose of determining the final award of Tax Credits. The sum of the third party debt
encumbering the property may increase during subsequent reviews to reflect the actual amount.
CA-23-658 4 December 6, 2023