Comment Response Cover Ltr 2-13-07

STATE OF CALIFORNIA CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE 915 CAPITOL MALL, ROOM 485 SACRAMENTO, CA 95814 TELEPHONE: (916) 654-6340 FAX: (916) 654-6033 William J. Pavão MEMBERS: Executive Director Bill Lockyer, Chair State Treasurer Michael C. Genest, Director Department of Finance John Chiang State Controller DATE: February 13, 2007 TO: Low Income Housing Tax Credit Stakeholders FROM: William J. Pavão, Executive Director SUBJECT: 2007 Program Regulations: Responses to Comments and Final Proposed Changes The attached document summarizes comments received on the California Tax Credit Allocation Committee (TCAC) staff’s recommended changes to California’s Qualified Allocation Plan (QAP), including program regulations (CCR Section 10300 et. seq.). Twenty-five parties commented in writing or verbally at one of three public hearings convened around the state. Staff has responded to relevant comments within the attached document, and in some instances amended recommended changes accordingly. Several comments were not directly responsive to proposed staff’s regulatory changes, and were not considered in depth at this time. However, many such comments merit further consideration, and staff is retaining those comments for future analysis. In response to comments received, staff has made the following changes to the January 8, 2007 regulation change document: • Staff has clarified and moved regulation ...