California Housing Accelerator Program Tier 2 NOFA

The intent of this program is to reduce the backlog of projects "stuck" in the funding pipeline to accelerate the development of housing for those most in need. These funds will be used to fill funding gaps in shovel-ready projects that have received funding under other HCD programs and have been unable to access low-income housing tax credits. Project sponsors who have been awarded HCD funding for an affordable housing project but were unable to secure tax credits are eligible for this program. The second tier is open to projects with a previous HCD award which listed tax-exempt bonds and 4% low-income tax credits as development sources in their HCD application but have not received allocations of these resources. California Housing Accelerator funding will be used to fill the permanent financing funding gap left by the inability to obtain tax credits/bonds for projects with active HCD funding awards.Eligible projects must demonstrate the following: an award, issued on or after January 1, 2018, from at least one of the specified HCD multifamily housing programs,evidence that, with a California Housing Accelerator award, the project will have complete financing and all entitlement approvals necessary to start construction within 180 days of award. Assistance for eligible projects will be provided in the form of a forgivable loan, with terms of zero percent interest for 20 years with no residual receipts or periodic payment requirements during the life of the California Housing Accelerator loan, and will be used to fill the permanent financing gap that remains due to the project's inability to obtain tax credits/bonds in a more competitive 4% tax credit setting.

Eligibility

• Programs related to construction
• Programs related to housing

Award details

Applications close on April 8, 2022.

Categories

Community Economic · Housing