California Housing Accelerator Program Tier 2 NOFA

Portal ID:
9341
Status:
Closed (31 total applications submitted)
Opportunity Type:
  • Loan
Last Updated:
 | 

Details

Purpose:

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.

Description:

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 Requirements

Eligible Applicants:

  • Business
  • Individual
  • Nonprofit
  • 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.

Eligible Geographies:

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.

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantmaker. Time listed as “00:00” equates to midnight.
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
June 20, 2022.
Period of performance The length of time during which the grant money must be utilized.
See STD Agreement

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$800,000,000
Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
Dependent
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • State

Funding Source Notes:

Funding available under this Project Solicitation is derived from the Coronavirus State Fiscal Recovery Fund (CSFRF), established by the federal American Rescue Plan Act of 2021 (ARPA) (Public Law 1

Funding Method: The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advance(s)

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
Accelerator, 1-916-263-2771, accelerator@hcd.ca.gov

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