The California Department of Housing and Community Development (HCD) released the Notice of Funding Availability (NOFA) for approximately $285 million in Portfolio Reinvestment Program (PRP) funds. This funding is restricted to rental multifamily projects in HCD’s portfolio that have a HCD affordability restriction that has already expired, or that will expire by Dec. 31, 2026.
This PRP NOFA provides loans to rehabilitate, fund a short-term capitalized operating subsidy reserve and extend the long-term affordability of HCD-funded rental multifamily housing projects Applications are accepted on a continuous basis from April 29 through July 29. HCD will hold three NOFA webinars:
- April 13 from 10 a.m. to noon PT, register here;
- April 14 from 2 to 4 p.m. PT, register here; and
- April 20 from 2 to 4 p.m. PT, register here.
