Portfolio Reinvestment Program (PRP) Notice of Funding Availability

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 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. Eligible Applicants: 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

• PSCHousing, Community and Economic Development

• Grant guidelines.html

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  rebecca.weber@hcd.ca.gov