Affordable Housing

New Market Tax Credit Program – US Department of the Treasury Community Development Financial Institutions Fund
Deadline: November 16, 2020
Who is Eligible

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.

What it Funds

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.

When to Apply

Applications are currently being accepted through November 16, 2020.

Available Funds

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

Award Size


Medium to Large

Level of Effort to Apply


Medium to High

Competitiveness

Since 1996, 511 awards, ranging from $5 – $150 million have been awarded within the State of California (2020).

Permanent Local Housing Allocation Program: Non-Entitlement Local Government Competitive Component – California Department of Housing and Community Development
Deadline: November 30, 2020
Who is Eligible

Non-entitlement local governments.

What it Funds

Development of new or substantial rehabilitation of affordable multifamily rental housing. Assistance to persons who are experiencing or at risk of homelessness through rapid rehousing, rental assistance, supportive services, navigation centers, construction or rehabilitation of permanent or transitional rental housing.

When to Apply

The submittal portal will be available beginning November 15, 2020. Applications are due no later than 11:59pm on November 30, 2020.

Available Funds

Approximately $15 million (2020), with a minimum award of $500,000 and a maximum of $3 million.

Award Size


Small to Medium

Level of Effort to Apply

To be determined

Competitiveness

This is the first funding round for this program. Therefore, information regarding competitiveness is not currently available.

Permanent Local Housing Allocation program: Entitlement and Non-Entitlement Local Government Formula Component – California Department of Housing and Community Development
Deadline: December 31, 2020
Who is Eligible

Entitlement and non-entitlement local government agencies who did not yet apply to the PLHA Formula Allocation NOFA that was released February 26, 2020.

What it Funds

The predevelopment, development, acquisition, rehabilitation, and preservation of multifamily, residential live-work, rental housing that is affordable for extremely low, very low, low, or moderate-income housing, homeownership opportunities, accessory dwelling units, assisting persions who are experiencing or at risk of homelessness, accessibility modifications, and efforts to acquire and rehabilitate foreclosed or vacant homes and apartments.

When to Apply

Applications are currently being accepted through December 31, 2020.

Available Funds

$195 million for the current FY (2019/2020)

Award Size


Small, Medium, and Large

Level of Effort to Apply


Medium to High

Competitiveness

This program provides formula funding. See Appendix A of the guidelines for formula amounts by jurisdictions

Register Your Mobilehome California – California Dept of Housing and Community Development
Deadline: December 31, 2020
Who is Eligible

Mobilehome and manufactured home owners.

What it Funds

Waive past due fees and taxes.

When to Apply

Applications are currently being accepted through December 31, 2020.

Available Funds

Mobilehome owners have saved more than $2 million through this program since 2017.

Award Size


Small

Level of Effort to Apply

To be determined

Competitiveness

Funding is awarded on a non-competitive basis.

4% Federal Low-Income Housing Tax Credits for Affordable Rental Housing – California Tax Credit Allocation Committee
Deadline: Ongoing
Who is Eligible

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.

What it Funds

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.

When to Apply

Applications are accepted on a continuous basis.

Available Funds

$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.

Award Size


Large

Level of Effort to Apply


High

Competitiveness

4% tax credits are awarded on a non-competitive basis to all projects that meet eligibility criteria. 59 out of 87 projects were awarded in Round 2 (2020).

Community Facilities Fund – Rural Local Initiatives Support Corporation
Deadline: Ongoing
Who is Eligible

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

What it Funds

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.

When to Apply

Applications are accepted on a continuous basis.

Available Funds

$100,000 – $8 million in loans.

Award Size


Small, Medium, and Large

Level of Effort to Apply


Medium

Competitiveness
To be determined

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