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MSHDA was created as a result of the State Housing Development Authority Act of 1966 (Act 346 of 1966). [1] The purpose of this act was to establish funds in housing development , land acquisition and development, rehabilitation, conversion condominium fund, and to provide for the expenditure of certain funds.
HUD awarded Tax Credit Assistance Program (TCAP) grants to state housing credit agencies to facilitate development of projects that received LIHTC awards between October 1, 2006, and September 30, 2009. The State housing agencies were allowed to offer the assistance in either a grant or loan form to the properties. [16]
If for example a state plans to use $1 million of HOME funds during the year, HUD provides $750,000 (75%) and the State must provide $250,000 (25%) for the program to achieve the $1 million goal. This compliance requirement is known as "matching." States can achieve this by either donating non-federal cash (e.g., cash from operations—not from ...
Californians pay the highest marginal state income tax rate in the country — 13.3%, according to Tax Foundation data. But California has a graduated tax rate, which means your rate increases ...
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At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
This State office may decide to assign part of its federal grant through sub-grants (also known as sub-awards) [10] to cities and counties within the State (considered local governments) for crime-prevention activities such as neighborhood watch programs or supplying new equipment to police forces. The original recipient, the AGO, has become a ...
The State of California Franchise Tax Board (FTB) explained on its website that if you are eligible, you will automatically receive a payment — which is expected to be issued between October ...