If a project was awarded VHHP funding with a 4% TCAC then switched to a 9% TCAC without unit mix changes would it be eligible? Would it be eligible if the project received the 9% award?
|Scenario of Prior HCD awards||Eligible?|
|HCD awarded as 9% first, then later awarded again as 4%||Yes|
|HCD awarded as 4% first, then later HCD awarded again as 9%*||No|
|Applied to HCD as 4%, but not awarded; later awarded as 9%||No|
|Applied to HCD as 9%, but not awarded; later awarded as 4%||Yes|
|HCD awarded as 4% first and subsequently approved TCAC application for 9% Disaster credits||Yes|
Is an owner COSR an allowable expense?
Capitalized Operating Subsidy Reserves (COSRs) are not eligible costs for Accelerator funds.
Do all members of the borrowing entity need to be formed at the time of application?
Accelerator requires each applicant to submit a complete set of its organizational documents (and all amendments thereto). The Borrowing entity is typically not an applicant, but will be a party to the Standard Agreement
Are electronic meetings acceptable for the Resolution?
Electronic meetings are acceptable, as long as all other required components of the resolution are in place
Is there a sample resolution available for us to use now?
Resolution templates are available at the Accelerator webpage under Program Forms.
Will HCD allow for additional funding if there are cost overruns outside of the control of the developer?
The Accelerator program is intended to fill the entire funding gap left as a result of not acquiring tax credits.
Will the deposit be refunded if we accept a CDLAC award
Deposits will be refunded if a project receives a CDLAC-TCAC allocation and withdraws its Accelerator application/returns the award.
You mentioned that loan forgiveness is not available if the Sponsor receives negative points in the last five years. Is that just for the project that receives Accelerator funds? Or for all sponsor projects?
The rule applies to all the Sponsor’s projects funded by Department.
If I have technical difficulties with the Accelerator application document or the application portal, do I email firstname.lastname@example.org?
Yes, any technical questions or issues should be forwarded to the Accelerator inbox, with a completed Accelerator Support Tab from the Workbook.
Do I need NEPA approval if my project has HUD-based Property-Based Voucher (PBV) rental assistance?
If the only other federal funding in the project are PBVs, NEPA will not be required, consistent with other HCD programs.
When I submit my application fee, what information do I need to add to the check?
When submitting your application fee, please include the project name and contract number of your initial HCD Commitment
Are enforceable funding commitments (EFCs) required for an Accelerator application?
Enforceable funding commitments for all other funding sources are required with your Accelerator application.
Where do I submit documentation for evidence of site control, local approvals and entitlements, and environmental?
Follow the instructions in the online application portal and attach the appropriate documentation.
Will HCD use the same rent limits for the California Housing Accelerator as it uses in other programs for projects with tax credits, including the hold harmless and rent floor provisions applicable to tax credit projects?
Yes, HCD will use the same rent limits for the California Housing Accelerator as it uses in other programs for projects with tax credits, including the hold harmless and rent floor provisions applicable to tax credit projects
Will there be a self-score/HCD score list issued prior to 6/30/2022?
No, there will only be a final HCD Score List posted to the website at time of awards.
Is there a minimum point score for the application?
There is no minimum point score for the program.
Are complete TCAC applications required to be submitted with the applications?
Yes, it is required for those applicants who have already applied to TCAC/CDLAC
Will any Bay Area projects be awarded Tier 2 Funds?
Bay Area projects are able to compete only in the Unallocated Region Pool.
If the project has not yet applied for the 4% Tax Credits, are they eligible?
Yes, as long as the application that resulted in HCD issuing an award letter for the Existing HCD Loan Commitment showed tax-exempt bonds and 4% low-income housing tax credits as development funding sources.
Can the Sponsor apply for Tax Credits later or must they wait at least 20 years?
All California Housing Accelerator awardees are prohibited from applying for or receiving a tax credit allocation on a California Housing Accelerator funded Project for a period of 20 years from the California Housing Accelerator loan closing date for that Project.
Is there priority for projects in Tier 2 which have applied but not received Tax Credits?
There is no priority for projects who have applied but not received Tax Credits. Please see the Scoring section of the Solicitation for details on scoring.
Why did some regions use less than their full Tier 1 allocation
Tier 1 did not have set Geographic Regional allocations. Awards were made over-the-counter to a set number of projects that met the eligibility criteria.
Can Accelerator Funds be used as an operating subsidy in lieu of Project Based Vouchers for a PSH – Permanent Supportive Housing Project?
California Housing Accelerator funds shall be used only for expenses that would be categorized as project costs by the federal low-income housing tax credit program, including, but not limited to, commercial costs and reasonable reserves. Operating subsidies cannot be paid for with Accelerator funds.
Are Accelerator Funds available for use during the Construction period?
No, funds are for permanent financing only and will be disbursed at permanent conversion.
Will HCD have the HHC awards issued by the Accelerator Application deadline of April 8/2022?
Please contact HCC program staff for more information
Define High-Quality Transit?
“High Quality Transit” means a Qualifying Transit line with high frequencies AND permanent infrastructure as follows: (1) Frequency: High Quality Transit must have Peak Period headway frequency on the same route of every 15 minutes or less and service seven days a week. This level of service must have been publicly posted by the provider at some point between January 2020 and the time of application. (2) Permanent Infrastructure: High Quality Transit must operate on a railway or be transit service with Bus Rapid Transit features that either fully or partially operate on a dedicated bus-only lane, or uses High Occupancy Vehicle (HOV) or High Occupancy Toll (HOT) lanes.
Define Major Transit Stop?
“Major Transit Stop” means a site containing any of the following: (1) An existing rail or bus rapid transit station. (2) A ferry terminal served by either a bus or rail transit service. (3) The intersection of two or more major bus routes with a frequency of service interval of 15 minutes or less during peak hours. Peak hours are limited to the time between 7 a.m. to 10 a.m., inclusive, and 3 p.m. to 7 p.m., inclusive, Monday through Friday, or the alternative peak hours designated for the transportation corridor by the transit agency. This level of service must have been publicly posted by the provider at some point between January 2020 and the time of application.