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State of California Housing and Community Development

Purpose

Provide quick acquisition financing for the development or preservation of affordable housing.

Assistance Type

Loans for developers, provided through a nonprofit fund manager.

Assistance Terms

To be determined. Loan terms may not exceed 5 years.

Eligible Activities

Property acquisition.

Eligible Applicants

Applicants must demonstrate local government support, the availability of leveraged funds, organizational stability and capacity, and a track record of developing affordable housing.

Application Process

HCD will select a fund manager through a RFP process. Affordable housing developers will apply directly to the fund manager for property acquisition loans. Priority will be given to applications with the greatest level of affordability, among other factors.

Contact

(916) 324-1484 or http://www.hcd.ca.gov/contact.html