Affordable Housing

Cities and counties.

Update planning documents and processes that streamline housing approvals and accelerate housing production including but not limited to updates to general plans, community plans, specific plans, zoning ordinances, local planning related to implementation of sustainable communities strategies, or local coastal plans, certain environmental analyses, workforce housing opportunity zones (SB 540), zoning and rezoning projects, and infrastructure financing plans.

Applications will be accepted on a continuous basis, ending November 30, 2019.

Funding will be available for one round for approximately $123 million, with a maximum award amount between $160,000 and $625,000 (depending on population of jurisdiction) and a minimum award amount of $25,000.

Affordable housing developers can apply to the program. Investors receive a tax credit in exchange for providing the developer with an immediate investment in the affordable housing project.

New construction and rehabilitation projects that will remain affordable for a minimum of 30 years (55 years is most competitive) and that are subsidized with federal funding and/or tax-exempt bonds.

Applications are accepted on a continuous basis.

$124.9 million (2017), with a similar amount available annually. Approximately 30% of costs for affordable housing development are paid out over 10 years of tax credits and up to 15 years of tax benefits.

4% tax credits are awarded on a non-competitive basis to all projects that meet eligibility criteria.

Projects that have received the 4% Federal Low-Income Housing Tax Credit within 180 days of applying for this non-competitive California Low-Income Housing Tax Credit.

New construction of multifamily housing projects.

Applications will be accepted beginning in November 2019, with awards announced in January 2020.

Between $300 – $500 million (2020). Beginning in 2021, up to $300 – $500 million annually.

Affordable housing developers can apply to the program. Investors receive a tax credit in exchange for providing the developer with an immediate investment in the affordable housing project.

New construction and rehabilitation projects that will remain affordable for a minimum of 55 years and that are not federally subsidized.

Applications are accepted twice annually.

$106.7 million (2018), with a similar amount available annually. Approximately 70% of eligible costs for affordable housing development are paid out over 10 years of tax credits and up to 15 years of tax benefits.

9% tax credits are highly-competitive with more eligible applicants than available funding. Therefore, award recipients are determined in large part using a tie-breaker formula.

Community Development Entities (CDEs). Investors receive a tax credit against their federal income-tax return in exchange for making an immediate equity investment in a CDE.

Mixed-use projects that include rental housing, commercial real estate, community facilities, industrial/distribution facilities, business financing, new construction or substantial rehabilitation, and funding in place of refinancing.

Applications are currently being accepted, with a deadline of October 28, 2019.

Investors may claim a Federal tax credit for a total of 39% of the original investment amount over a period of seven years.

Since 1996, 122 awards, ranging from $5 – $150 million have been awarded within the State of California.

Local governments, transportation and transit agencies, nonprofit and for-profit housing developers, JPAs, K-12 schools, college and university districts, and federally-recognized Native American tribes.

Affordable housing and transportation infrastructure, including active transportation and transit projects and programs that reduce greenhouse gas emissions.

The Notice of Funding Availability (NOFA) for the current funding round (Round 5) will open early November 2019 with applications due in February 2020.

It is anticipated that $550 million will be available in Round 5 (FY 2019/2020). The maximum award amount is $30 million (no more than $60 million to a single developer per funding round), with a minimum of $1 million for TOD, ICP and RIPA Project Areas.

25 out of 47 proposals funded (FY 2018/2019).

Nonprofits or public entities serving rural areas with a population under 20,000. Funding is prioritized for high poverty or persistent poverty areas.

Transitional housing (including substance abuse recovery housing), educational and child care facilities, health care facilities, community centers, museums, libraries or public buildings, or other essential community facilities.

Applications are accepted on a continuous basis.

$100,000 – $8 million in loans.

Most state and local governmental entities, nonprofits, and Federally-recognized Native American tribes serving rural areas with a population under 20,000.

Rehabilitation and preservation of affordable housing for rural, low-income homeowners and renters. Priority will be given to projects that reduce the morbidity and mortality associated with substance abuse disorders in high-risk rural communities.

The most recent application period closed July 2019.

A total of approximately $16 million in grants and loans.

Cities and/or counties that have jurisdiction over a Qualifying Infill Area. Nonprofit or a for-profit developer of a Qualifying Infill Project applying jointly with a city and/or county that has jurisdiction over a Qualifying Infill Project.

Construction of new infill development and rehabilitation of infrastructure that supports higher-density affordable and mixed-income housing including but not limited to active transportation, parks and open space, stormwater, street repair, transit, and water-related improvements.

Round 6 program guidelines were released on July 30, 2019. Therefore, we anticipate that the Notice of Funding Availability (NOFA) will be released sometime in late 2019.

Round 6 (FY 2019/2020): Approximately $50 million per funding round. For Qualifying Infill Projects, the minimum grant award is $1 million ($500,000 for rural areas) with a maximum of $7.5 million. Qualifying Infill Areas with over 200 units, the minimum grant award is $2 million ($1 million for rural areas). Only one application for each Capital Improvement Project will be funded per funding round.

For-profit organizations, nonprofits, and public agencies.

Loans for mixed-income rental housing with unit restrictions between 30% and 120% of the area median income.

The most recent application period closed in April 2019.

$40 million (2019). 15%, or approximately $30-$45 million in proceeds from the Building Jobs and Homes Act (SB 2) is allocated on an annual basis. The program may receive additional funding from the California Low-Income Housing Tax Credit, up to $200 million on an annual basis beginning in 2020.

Individuals, public agencies, nonprofits, for-profit entities, and Native American reservations and rancherias.

Affordable multifamily rental and transitional new construction, acquisition, rehabilitation, and conversion housing developments.

Applications for the current funding round (Round 1) are due August 20, 2019.

Approximately $250 million in loans (2019/2020), with a maximum of $20 million per loan.

As this is the first cycle for the Multifamily Housing Program, information regarding competitiveness is currently unavailable.

Counties.

Acquire, design, construct, rehabilitate, or preserve permanent supportive housing for persons who are experiencing homelessness, chronic homelessness or who are at risk of chronic homelessness, and who are in need of mental health services.

Project applications for the noncompetitive funding allocation will be accepted on a continuous basis until February 15, 2021. The most recent competitive application period closed January 2019.

Approximately $200 million in competitive loans were available for Round 1 (closed in January 2019), with a total of $1.8 billion through multiple funding rounds. Approximately $190 million in noncompetitive formula funds are available through February 2021.

45 of 45 applicants received funding through the competitive loan program. However, the total funds requested was greater than funds available, or roughly $194 million funds requested versus $178 million available.

Small and rural jurisdictions.

Public infrastructure projects including but not limited to housing projects, roads, sidewalks, water and sewer.

The most recent funding cycle closed in February 2019.

$29.6 million (FY 2018/2019).

62 projects funded in 2016.

Individuals, nonprofits, for-profit entities, and governing bodies of Native American reservations or rancherias.

New construction or rehabilitation of a multifamily rental housing development, conversion of a nonresidential structure to a multifamily rental housing development, refinancing to retain affordable rents, child care and other social services. Rental units but be permanently affordable.

The most recent application period closed February 2019.

$77 million (FY 2018/2019), with a maximum of $20 million per award.

17 out of 20 proposals funded (FY 2018/2019).

CBOs, local governments, nonprofits (including coalitions of associations), philanthropic organizations and foundations, faith-based organizations, community development finance institutions, community development corporations, JPAs, and Native American tribal governments. There must be a minimum of one lead applicant, in addition to co-applicants.

Applicants must implement at least three projects associated with the following strategies: equitable housing and neighborhood development, affordable housing land acquisition, transit access and mobility, solar installation and energy efficiency, water efficiency, recycling and waste management, urban greening and green infrastructure, land conservation, health and well-being. The list of eligible activities and fundable elements are defined in Appendix B of the Round 3 Program Guidelines.

Guidelines will be finalized in October 2019. All applicants must submit an intent to apply and request for technical assistance, due November 30 with the application deadline February 28, 2020.

Two grant awards of $28.2 million each for Round 3 (FY 2019/2020).

2 out of 4 proposals funded in Round 2 (FY 2018/2019).

CBOs, local governments, nonprofits (including coalitions of associations), philanthropic organizations and foundations, faith-based organizations, community development finance institutions, community development corporations, JPAs, and Native American tribal governments. There must be a minimum of one lead and two co-applicants.

Planning activities for capacity-building, policies and codes, fiscal analyses and studies and community engagement that directly benefit low-income or disadvantaged communities.

Application due dates will be announced in September 2019, with the application deadline likely in October 2019.

$600,000 for three grant awards for Round 3 (FY 2019/2020), with a maximum of $200,000 per award.

4 out of 7 proposals funded in Round 2 (FY 2018/2019).