Portfolio Reinvestment Program (PRP) Notice of Funding Availability

Portal ID:
Opportunity Type:
  • Loan
Last Updated:



This funding provides loans to rehabilitate, capitalize operating subsidy reserves for, and extend the long-term affordability of department-funded housing projects that have an affordability restriction that have expired, or that will expire by 12/31/33, or are otherwise at risk for conversion to market rate due to having been foreclosed on by the Department or by another public lender. The goal is to preserve existing affordable housing.


The PRP NOFA is restricted to HCD-funded multifamily rental housing projects whose regulatory agreement(s) expire no later than 12/31/33. There is a $10 million small project set aside (for projects of no more than 20 units), a $25 million set aside for projects that have been foreclosed on by HCD or another public lender, and a $25 million set aside for residential hotels. All eligible multifamily rental housing projects must have at least five units. The NOFA provides funds for rehabilitation as well as to capitalize short-term operating subsidies. Projects that receive loans will enter into a new long-term Regulatory Agreement, thereby preserving the project for at least another 30 years.

Eligibility Requirements

Eligible Applicants:

  • Business
  • Individual
  • Nonprofit
  • Public Agency
  • Tribal Government

Eligible applicants must be owners of eligible HCD-funded projects or must have been approved by HCD to acquire an eligible project and must meet all requirements for being a Sponsor and having site control.

Eligible Geographies:


Important Dates

The date (and time, where applicable) by which all applications must be submitted to the grantmaker. Time listed as “00:00” equates to midnight.
The date on which the grantor expects to announce the recipient(s) of the grant.
September 2024
The length of time during which the grant money must be utilized.
4 years

Funding Details

The total projected dollar amount of the grant.
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.
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.
Certain grants require that the recipient(s) provide a letter of intent.
Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another 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.
  • Federal and State

Funding Source Notes:

Funding is derived from the California general fund through Senate Bill No. 101 (Chapter 12, Statutes of 2023), and Senate Bill No. 197 (Chapter 70, Statutes of 2022)

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).
  • Advances & Reimbursement(s)

Funding Method Notes:

Rehab loans are reimbursements; capitalized operating subsidy loans are advances.

How to Apply

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


For questions about this grant, contact:
Rebecca Weber, 1-916-890-4562, rebecca.weber@hcd.ca.gov