Details | Qualified Residential Rental Project Program


Funder

 

California State Treasurer

Implementer

 

California Debt Limit Allocation Committee

Description

 

The Qualified Residential Rental Project Program helps spur affordable housing production by assisting developers of multifamily rental housing units with the acquisition and construction of new units, or the purchase and rehabilitation of existing units through State and local governmental agencies and other joint powers authorities issuing tax-exempt housing revenue bonds. The tax-exempt bonds lower the interest rate paid by developers. The developers in turn produce market rate and affordable rental housing for low and very low-income households by reducing rental rates to individuals and families. Projects that receive an award of bond authority have the right to apply for non-competitive 4% tax credits, administered by the California Tax Credit Allocation Committee. Bond authority for rental projects is awarded to three sub-pools: the General Pool (Projects having more than 50% of total units designated as Restricted Rental Units); the Mixed Income Pool (Projects having 50% or fewer of total units designated as Restricted Rental Units); and the Rural Project Pool (Projects located in a rural area as defined by California Health and Safety Code Section 50199.21 but shall not include a Mixed Income Project).

Funding guidance

 

Applications open

 

None

Applications close

 

None

Type

 

Bond

Category

 

Financing

Territory

 

California

Applicant type

 

For Profit  |  Public Agency

Project

 

New Addition to an Existing Building  |  Real Estate and Asset Purchases  |  Rehabilitation of Existing Whole Building  |  Rehabilitation of Part of an Existing Building  |  Whole New Building Construction

Sector

 

Public  |  Residential

Sub-sector

 

City  |  County  |  Special Districts

Sustainability

 

Energy Efficiency for Processes  |  Energy Efficiency in Buildings  |  Energy Management System  |  Energy Storage  |  Generation Systems  |  Water Use Reduction

Additional website

 

Small business

 

False

Disadvantaged communities

 

False

Cost sharing amount

 

None

Cost sharing percent

 

None

Cost sharing note

 

Minimum repayment years

 

None

Maximum repayment years

 

None

Interest rate comment

 

Incentive