Exhibit 99.1 Press release dated September 21, 2006



Press Release
                     CAPITAL ALLIANCE INCOME TRUST APPOINTS
                     JAMES GRAINER TO ITS BOARD OF DIRECTORS


SAN FRANCISCO - (BUSINESS WIRE) - September 21, 2006 - Capital Alliance Income
Trust Ltd. ("CAIT") (AMEX:CAA-News) a residential mortgage REIT, today announced
the appointment of James L. Grainer to its Board of Directors, reinstating the
size of the board to six members and satisfying the American Stock Exchange's
independent director representation requirements.

Mr. Grainer, 52, the President and Chief Financial officer of GreenShift
Corporation, a publicly listed company focused on the alternative energy and
environmental sectors formerly was a managing director in investment banking
with Zanett Securities and Prudential Securities. Before working in investment
banking, Mr. Grainer worked in Deloite-Touche's New York office providing tax
and business advisory services. A Certified Public Accountant, his appointment
includes membership on CAIT's Audit Committee, where he will also serve as a
financial expert.

Mr. Grainer's appointment fills the vacancy created by the June 21, 2006
resignation of Donald Looper.


About Capital Alliance Income Trust

CAIT is a specialty residential lender, which invests in high yielding,
non-conforming residential mortgage loans on one-to-four unit residential
properties located primarily in California. Only residential loans with a
combined loan-to-value of 75% or less are originated for CAIT's mortgage
investment portfolio.

Forward Looking Statements: This document contains "forward-looking statements"
(within the meaning of the Private Securities Litigation Reform Act of 1995)
that inherently involve risks and uncertainties. CAIT's actual results,
operations and liquidity may differ materially from those anticipated in these
forward-looking statements because of changes in the level and composition of
CAIT's investments and unseen factors. As discussed in CAIT's filings with the
Securities and Exchange Commission, these factors may include, but are not
limited to, changes in general economic conditions, the availability of suitable
investments, fluctuations in and market expectations of fluctuations in interest
rates and levels of mortgage payments, deterioration in credit quality and
ratings, the effectiveness of risk management strategies, the impact of
leverage, the liquidity of secondary markets and credit markets, increases in
costs and other general competitive factors.


Contact:   Capital Alliance Income Trust Ltd., San Francisco
           Richard J. Wrensen - 415/288-9575
           Rwrensen@calliance.com
           www.calliance.com