The Portfolio Reinvestment Program (PRP) aims to preserve existing HCD-funded affordable housing projects by extending and restructuring affordability agreements; extending loan maturity dates; providing new low-interest long-term loans for rehabilitation; and providing forgivable loans to capitalize short-term operating subsidies.
Donor Name: California Department of Housing & Community Development
State: California
Type of the Grant: Grant
Deadline: 07/29/2022
Size of the Grant: $20 million
Details:
Approximately $285 million in Portfolio Reinvestment Program (PRP) funding will be made available to HCD-assisted projects whose HCD affordability restrictions have expired and not been removed from the project, and/or have HCD affordability restrictions that are expiring on or before December 31, 2026.
Funding Information
- Maximum award amount: $20 million.
Eligibility Criteria
- Eligible Projects
- To be eligible for PRP, projects must meet both criteria:
- Rental housing consisting of five or more units (or in the case of group homes, rental housing consisting of 5 or more rental bedrooms).
- All HCD affordability restrictions(s) have expired or will expire on or before December 31, 2026, and at least one HCD document containing affordability restrictions has not been terminated or otherwise removed by HCD.
- To be eligible for PRP, projects must meet both criteria:
- Eligible Applicants
- An eligible applicant must be the sponsor of an eligible project. A sponsor is any individual, joint venture, partnership, limited partnership, trust, corporation, limited liability company, local public entity, or tribal entity, or any combination thereof that meets the requirements of the PRP NOFA/Guidelines.
- Sponsor(s) and borrower(s) may not be in breach or default of the original HCD loan nor under any other HCD programs, except for the maturity of an unpaid loan.
For more information, visit Portfolio Reinvestment Program.
