Multifamily Housing Program (MHP)

NEW Proposed Uniform Multifamily Regulation Changes.

 

Contact

(916) 263-2771

Purpose

Assist the new construction, rehabilitation and preservation of permanent and transitional rental housing for lower income households.

Assistance Type

Deferred payment loans with a 55-year term; 3 percent simple interest on unpaid principal balance.  Payments at 0.42 percent are due annually with the balance of principal and interest due and payable upon completion of loan term.

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Eligible Activities

New construction, rehabilitation, or acquisition and rehabilitation of permanent or transitional rental housing, and the conversion of nonresidential structures to rental housing.  Projects are not eligible if construction has commenced as of the application date, or if they are receiving 9 percent federal low-income housing tax credits.

MHP funds will be provided for post-construction permanent financing only.  Eligible costs include the cost of child care, after-school care, and social service facilities integrally linked to the assisted housing units; real property acquisition; refinancing to retain affordable rents; necessary on-site and off-site improvements; reasonable fees and consulting costs; and capitalized reserves.

Eligible Applicants

Local public entities, for-profit and nonprofit corporations, limited equity housing cooperatives, individuals, Indian reservations and Rancherias, and limited partnerships in which an eligible applicant or an affiliate of an applicant is a general partner.  Applicants or their principals must have successfully developed at least one affordable housing project.

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Application Procedures

Applications are invited through the issuance of Notices of Funding Availability (NOFAs).


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