Low-income housing tax credit.

Existing law establishes a low-income housing tax credit program, administered by the California Tax Credit Allocation Committee, which provides procedures and requirements for the allocation of state tax credit amounts among low-income housing projects based on federal law. Existing law, among other things, provides for the recapture for noncompliance, in a specified amount, of tax credits previously granted with respect to the costs of constructing or rehabilitating farmworker housing. This bill would, in the case of the credit applicable to farmworker housing, modify the recapture amount, as provided. This bill would also require recapture of credit for low-income housing in conformity with federal law, as provided. This bill would declare that it is to take effect immediately as an urgency statute.