(B) The project’s rent savings benefit, which is as follows:

(i) For all projects not covered in subparagraph (ii), the product of the sum across all tax credit units of each unit’s difference between the monthly fair market rent established by HUD for the county in which the project is located and the area median income monthly gross rent limit for that unit at the targeted rent level for the appropriate bedroom size, all calculated according to the methodology for tax credit rents, multiplied by 180. If this calculation results in a negative number for any particular unit, then the rent savings benefit for that unit shall not be lower than zero. Units with federal project-based rental assistance or a similar local rental assistance program approved by the Executive Director shall be assigned targeted rent levels of 30% AMI regardless of their actual income targeting. If the average affordability of tax credit units, exclusive of units with rental assistance, is less than 40% AMI, then the calculation shall assume a targeted rent level of 40% AMI for each tax credit unit that does not have rental assistance.

(ii) For Acquisition/Rehabilitation Projects whose actual rents are less than the CTCAC rent limits, the sum of the following: (a) for tax credit units without federal project-based rental assistance or a similar local rental assistance program approved by the Executive Director, the product of the sum across all such units of each unit’s difference between the monthly fair market rent established by HUD for the county in which the project is located and the average rent charged for each unit over the last three years, as documented with rent rolls or property audits, multiplied by 180; and (b) for tax credit units with federal project-based rental assistance or a similar local rental assistance program approved by the Executive Director, the product of the sum across all such units of each unit’s difference between the monthly fair market rent established by HUD for the county in which the project is located and the targeted rent level at 30% AMI regardless of their actual income targeting.

(C) The project’s population benefit, which is comprised of an ELI benefit and a special populations benefit.

(i) The ELI benefit is the product of the number of tax credit units targeted at 30% of AMI or below, limited to no more than 50% of tax credit units, multiplied by $20,000.

(ii) The special populations benefit is the product of the number of tax credit units restricted to persons with Special Needs, as defined in Section 10325(g)(3) of the CTCAC regulations, or veterans, limited to no more than 50 than 50% of tax credit units, multiplied by $10,000, or, for projects eligible for the Homeless Set Aside, the product of the number of tax credit units designated for homeless households and (the number of

t is the product of the number of tax credit units restricted to persons with Special Needs, as defined in Section 10325(g)(3) of the CTCAC regulations, or veterans, limited to no more than 50 than 50% of tax credit units, multiplied by $10,000, or, for projects eligible for the Homeless Set Aside, the product of the number of tax credit units designated for homeless households and (the number of

homeless residents per 100,000 residents) multiplied by $100. When calculating the per capita homeless count, applicants may use the per capita rate of homelessness for the specific city the project is located in if the city population is at least 100,000 residents. If a project is located in a city of less than 100,000 residents or an unincorporated area, applicants shall use county-level per capita homelessness rates. If the per capita rate of homelessness on a county level is greater than the city-level per capita rate of homelessness, the applicant may elect to use the county-level per capita rate of homelessness. In all cases, the per capita rate of homelessness shall be the most recent Point-in-Time count homeless population divided by the most recent Census population estimate for the corresponding jurisdiction in the year of the most recent Point-in-Time count.

(D) The project’s location benefit, which is comprised of a Resource Area benefit, a Community Revitalization Area benefit, and a transit/walkability benefit. If a project is eligible for both a Resource Area benefit and a Community Revitalization Area benefit, the applicant shall select only one of these benefits. The Resource Area benefit and Community Revitalization Area benefit shall not be additive.

(i) The Resource Area benefit is one of the following:

(aa) The product of the bedroom-adjusted number of tax credit units in a Large Family or Permanent Supportive Housing Project located in a Highest Resource Area as specified on the CTCAC/HCD Opportunity Area Map multiplied by $30,000.

(bb) The product of the bedroom-adjusted number of tax credit units in a Large Family or Permanent Supportive Housing Project located in a High Resource Area as specified on the CTCAC/HCD Opportunity Area Map multiplied by $20,000.

(cc) The product of the bedroom-adjusted number of tax credit units in a Large Family or Permanent Supportive Housing Project located in a Moderate Resource Area as specified on the CTCAC/HCD Opportunity Area Map multiplied by $10,000. An applicant may choose to utilize the census tract or census block group resource designation from the CTCAC/HCD Opportunity Maps in effect when the initial site control was obtained up to seven calendar years prior to the application.

(dd) The product of the bedroom-adjusted number of tax credit units in a new construction or acquisition/rehabilitation project located in neighborhoods identified as experiencing neighborhood change as specified on the HCD Neighborhood Change Map multiplied by $30,000.

(ee) A project is ineligible for this benefit if it receives a Community Revitalization Area benefit.

(ii) The Community Revitalization Area benefit is the product of the bedroom-adjusted number of tax credit units that are located in a Community Revitalization Area and are a component in the Area’s Community Revitalization Plan multiplied by $20,000. A project is ineligible for this benefit if it receives a Resource Area benefit.

(iii) The transit/walkability benefit is the sum of the following:

(aa) The product of the bedroom-adjusted number of tax credit units within the project, multiplied by the number of transit site amenity points the project receives pursuant to Section 5105(l), multiplied by $4,000;

(bb) The product of the bedroom-adjusted number of tax credit units within the project, multiplied by the number of non-transit site amenity point categories for which the project is eligible for the maximum points pursuant to Section 5230(m) (see CTCAC regulation Section 10325(c)(4)(A)2. through 9.), multiplied by $4,000; and

(cc) The product of the bedroom-adjusted number of tax credit units included with a project that has received an award from HCD’s Transit Oriented Development Program or Affordable Housing and Sustainable Communities Program, or that is located within ¼ mile of a transit stop with service at least every 30 minutes during peak hours (or at least two departures during each peak period for a commuter rail station or ferry terminal) or within ½ mile of a transit stop with service at least every 15 minutes (or at least four departures during each peak period for a commuter rail station or ferry terminal) multiplied by $25,000. For purposes of this subdivision, a “transit stop” is a bus rapid transit station, light rail station, commuter rail station, ferry terminal, bus station, or public bus stop, and “peak hours” are from 7:00 a.m. to 9:00 a.m. and from 4:00 p.m. to 6:00 p.m., Monday through Friday.

(2) The cost-adjusted Bond and State Credit Allocation shall be calculated by reducing the unadjusted Bond and State Credit Allocation request by the following, as applicable:

(A) For purposes of this section, the unadjusted Bond calculation will assume an amount equal to the greater of 27.5% of the aggregated depreciable basis plus land basis or the actual amount requested for all projects. Additionally, the State Credit Allocation request will be calculated excluding Farmworker State Credits.

(B) 15% for projects that are paid for in whole or in part out of public funds and are subject to a legal requirement for the payment of state or federal prevailing wages on the entire project. An additional 3% for projects that certify that either (i) they are subject to a project labor agreement within the meaning of Section 2500(b)(1) of the Public Contract Code that requires the employment of construction workers who are paid at least state or federal prevailing wages or (ii) the general contractor has an enforceable commitment to participate in state-approved apprenticeship training programs and provide health care for construction workers and their dependents.

project labor agreement within the meaning of Section 2500(b)(1) of the Public Contract Code that requires the employment of construction workers who are paid at least state or federal prevailing wages or (ii) the general contractor has an enforceable commitment to participate in state-approved apprenticeship training programs and provide health care for construction workers and their dependents.

(C) Either 10% for projects in which at least 95% of the construction is Type I, as defined in Title 24, Section 602.2 of the California Building Code .; or 5% for projects in which at least 95% of the construction is Type III, as defined in Title 24, Section 602.3 of the California Building Code, or a combination of Type I and Type III.

(D) 25% of the statewide basis delta for the county in which the project is located. At least 10 days prior to the first application deadline of each calendar year, the Committee shall publish the statewide basis delta for each county, which shall represent the percentage difference between the two-bedroom 4% tax credit threshold basis limit for the county and the median two-bedroom 4% tax credit threshold basis limit for any county in the state, as those limits are determined by CTCAC pursuant to Section 10302(rr) of the CTCAC regulations.

(E) For Acquisition/Rehabilitation projects requiring seismic upgrading of existing residential structures, and/or requiring on-site environmental remediation, including cleanup of lead or asbestos, and sporic growth, the lesser of 15% or the percentage of the bond request related to such costs, to the extent that the project architect or seismic engineer certifies in the application to the costs associated with such work.

NOTE: Authority cited: Section 8869.94, Government Code. Reference: Sections 8869.84(c), 8869.85(a) and 8869.85(b), Government Code.