Project sponsors who have been awarded HCD funding for an affordable housing project but were unable to secure tax credits. Assistance will be provided in prioritized tiers. The first tier will prioritize HCD-funded projects which have previously applied to CDLAC for bonds and 4% tax credits. The second tier will be 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.
Eligible Uses / Projects
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.
Project Sponsors should verify eligibility prior to applying for funding. The Department has developed a list of the projects potentially eligible for California Housing Accelerator funding. This list includes projects that potentially qualify under Tier I. This list, known as the “Multifamily Pipeline Tracker,” is available on the Department’s California Housing Accelerator webpage.Sponsors with concerns or questions about the information on this list should notify the Department at firstname.lastname@example.org.
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.