Portfolio Reinvestment Program (PRP) Notice of Funding Availability

Details
Purpose:
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.
Description:
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.
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:
N/A
Important Dates
Funding Details
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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