LOS ANGELES (CNS) - A plan has been approved to allocate $100 million in federal fire recovery tax credits to 13 counties, including Los Angeles County and Orange County, ravaged by wildfires in 2017 and 2018, state Treasurer Fiona Ma announced today.
Los Angeles County will receive $5,630,499 in tax credits to help finance new construction and the reconstruction of multifamily housing projects destroyed in recent wildfires and Orange County $2,561,698 under the plan approved Wednesday by the California Tax Credit Allocation Committee, which Ma chairs.
The plan allocates an initial allocation of $2.5 million to each of the 13 counties. The rest of the $100 million of credits will be awarded to counties based on the percentage of housing units lost.
Los Angeles County had 4.88% of the housing units lost, third-most among the 13 counties, and Orange County 0.1%, the least.
Butte County had the largest percentage of housing units lost, 58.6% and will be allocated $40,087,453 in tax credits. Sonoma had the second-highest, 21.6% percent and will be allocated $16,365,940.
The other counties that will be allocated tax credits -- in order of amount -- are Shasta, Ventura, Napa, Mendocino, Lake, Yuba, San Diego, Santa Barbara and Nevada.
There will be three application rounds for the credits -- July 1, 2020, March 1, 2021, and July 1, 2021.
The credits are required by federal regulations to be used within two years.
“I'm so proud that TCAC staff has risen to the occasion and created a fair, efficient program that will help finance critical housing in areas that suffered huge losses,'' Ma said.
“And the program does it in a way that provides the most help to those who need it most.''
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