California’s housing costs are among the highest in the nation. For low-income households, high housing costs can lead to problems such as frequent moves that interfere with children’s school performance or families forced to live in unhealthy substandard housing.  To reduce the problems associated with high housing costs, federal, state and local governments. In California, high housing costs are an important economic and public policy issue. Whether the subject is homeowners struggling to make mortgage payments on a single-family home or renters facing the prospect of paying a large portion of their income for rent, high housing costs add stress to tight family budgets and shape decisions about where to live and work. For low-income residents of the state, however, high housing costs may cause bigger problems, pushing some families into unhealthy substandard housing or causing frequent moves which can undermine children’s school performance. In response, private builders and public officials alike have sought to develop means of sheltering the state’s low-income residents at a reasonable cost. In spite of these efforts, the high cost of developing housing remains an important concern. To better understand the forces that drive the costs of developing multi-family rental housing in California, the state’s four housing agencies – the California Tax Credit Allocation Committee. (TCAC),