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 has expired, that have an affordability restriction with a remaining term of less than five years, or are otherwise at risk for conversion to market rate. 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 12/31/26. There is a $50 million small project set aside (for projects of no more than 20 units) and a $100 million setaside 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.
- 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.
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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