Funding from the California Housing Accelerator will make approximately $1.6 billion available to shovel-ready projects that, despite having received one or more awards from other HCD programs, are unable to move forward due to funding gaps that resulted from their inability to access low-income housing tax credits or tax-exempt bond allocations.
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.
- Public Agency
- Tribal Government
All California Housing Accelerator applications must be submitted by and include all Sponsors in connection with the existing HCD Loan Commitment.
The Tier 2 Funds are targeted in the following manner:
Costal Region to receive 20% of funds for a total of $160 million.Los Angeles City and County to recieve 44% of funds for a total of $352 million.
Inland Region to receive 21% of funds for a total of $168 million.
Unallocated - available to all counties 15% of funds for a total of $120 million.
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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