SAN DIEGO (CNS) – San Diego County will receive nearly $3 million in federal tax credits to help finance new construction and the reconstruction of multifamily housing projects destroyed in recent wildfires, state Treasurer Fiona Ma announced Thursday.
The plan approved Wednesday by the California Tax Credit Allocation Committee, which Ma chairs, makes an initial allocation of $2.5 million to each of 13 counties.
The rest of the $100 million of credits were awarded to counties based on the percentage of housing units lost in the 2017 and 2018 wildfires.
San Diego had 0.49% of the housing units lost, 10th among the 13 counties, and will receive $2,816,537.
Butte County had the largest percentage of housing units lost, 58.6% and was allocated $40,087,453 in tax credits. Sonoma had the second-highest, 21.6% percent and was allocated $16,365,940.
The other counties allocated tax credits — in order of amount — were Los Angeles, Shasta, Ventura, Napa, Mendocino, Lake, Yuba, Santa Barbara, Nevada and Orange.
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.”