Portfolio Reinvestment Program (PRP) Notice of Funding Availability

Overview

This funding provides loans to rehabilitate, capitalize operating subsidy reserves for, and extend the long-term affordability of department-funded housing projects that have an affordability restriction that have expired, or that will expire by 12/31/33, or are otherwise at risk for conversion to market rate due to having been foreclosed on by the Department or by another public lender. The goal is to preserve existing affordable housing. The PRP NOFA is restricted to HCD-funded multifamily rental housing projects whose regulatory agreement(s) expire no later than 12/31/33. There is a $10 million small project set aside (for projects of no more than 20 units), a $25 million set aside for projects that have been foreclosed on by HCD or another public lender, and a $25 million set aside...