California Debt Limit Allocation Committee Publishes Proposed Procedures

The California Debt Limit Allocation Committee has just published new proposed procedures that could govern future allocation rounds.  In general, the procedures make modest changes, dealing primarily with clean up issues and the executive director's discretionary review.  Additional changes may be desirable in light of the continued volume cap surplus.  For some time now, many industry stakeholders have advocated liberalizing the CDLAC procedures to encourage further affordable housing production.  The present proposals do not attempt to address these core concerns.  The proposals and CDLAC's memo are available at http://www.treasurer.ca.gov/cdlac/procedures/20071114.pdf and http://www.treasurer.ca.gov/cdlac/news/procedures.pdf respectively for your review.

Please do not hesitate to contact Steve Ryan (sryan@coxcastle.com or 415.262.5150) of our Affordable Housing Practice Group if you have any questions concerning this matter.