CalHFA Publishes Term Sheet & Key Program Dates for Mixed-Income Program

The California Housing Finance Agency (CalHFA) recently published a term-sheet for its new Mixed-Income Program (“MIP”), which provides competitive long-term subordinate financing for new construction multifamily housing projects restricting units (tax credit or CalHFA) between 30% and 120% of county Area Median Income (“AMI”).

The MIP must be paired with CalHFA’s Conduit Bond Issuance Program and a CalHFA Mixed-Income Qualified Construction Lender (defined below). Additionally, the program must be paired with CalHFA’s Permanent Loan product or a sponsor must work with a CalHFA Mixed-Income Qualified Permanent Lender (defined below). The Mixed-Income resources will take the form of a subordinate loan to incentivize newly developed multifamily housing projects that serve a range of very low to moderate income renters. Eligible projects must create newly constructed regulated units that meet the income and occupancy requirements reflected below.

Key Program Dates

CDLAC Round 12/11/2019 Deadlines Responsibility Action
CalHFA Conduit Application 9/9/2019 Borrower Latest Date to be received by CalHFA
TEFRA Submission 9/27/2019 CalHFA CalHFA submits
Local Reviewing Agency Submission 9/30/2019 CalHFA CalHFA sends to Local Agency
CDLAC Application Due Diligence 9/30/2019 CalHFA CalHFA locks CDLAC portal to do final review of the CDLAC application
CalHFA Senior Loan Approval 10/7/2019 CalHFA CalHFA approval
CDLAC Application Deadline 10/11/2019 CalHFA CDLAC review starts
CDLAC Meeting 12/11/2019 CalHFA CDLAC Allocation Meeting
CDLAC Bond Issuance Deadline 6/8/2020 Borrower

 

CDLAC Round 03/18/2020 Deadlines Responsibility Action
CalHFA Loan Application 12/09/2019 *COB Borrower Latest date to be received by CalHFA for Lending Programs
CalHFA Conduit Application 12/23/2019 *COB Borrower Latest date to be received by CalHFA for Conduit Issuance Only
TEFRA Submission 12/27/2019 CalHFA CalHFA submits
Local Reviewing Agency Submission 12/27/2019 CalHFA CalHFA sends to Local Agency
CDLAC Application Due Diligence 01/15/2020 CalHFA CalHFA locks CDLAC portal
CalHFA Senior Loan Approval 01/15/2020 CalHFA CalHFA approval (estimated date)
CDLAC Application Deadline 01/17/2020 CalHFA CDLAC review starts
CDLAC Meeting 03/18/2020 CalHFA CDLAC Allocation Meeting
CDLAC Bond Issuance Deadline 09/14/2020 Borrower

 

CDLAC Round 05/20/2020 Deadlines Responsibility Action
CalHFA Loan Application 02/10/2020 Borrower Latest date to be received by CalHFA for Lending Programs
CalHFA Conduit Application 02/24/2020 Borrower Latest date to be received by CalHFA for Conduit Issuance Only
TEFRA Submission 02/28/2020 CalHFA CalHFA submits
Local Reviewing Agency Submission 02/28/2020 CalHFA CalHFA sends to Local Agency
CDLAC Application Due Diligence 03/18/2020 CalHFA CalHFA locks CDLAC portal
CalHFA Senior Loan Approval 03/18/2020 CalHFA CalHFA approval (estimated date)
CDLAC Application Deadline 03/20/2020 CalHFA CDLAC review starts
CDLAC Meeting 05/20/2020 CalHFA CDLAC Allocation Meeting
CDLAC Bond Issuance Deadline 11/16/2020 Borrower

 

CDLAC Round 07/15/2020 Deadlines Responsibility Action
CalHFA Loan Application 04/06/2020 Borrower Latest date to be received by CalHFA for Lending Programs
CalHFA Conduit Application 04/20/2020 Borrower Latest Date to be received by CalHFA for Conduit Issuance Only
TEFRA Submission 04/24/2020 CalHFA CalHFA submits
Local Reviewing Agency Submission 04/24/2020 CalHFA CalHFA sends to Local Agency
CDLAC Application Due Diligence 05/13/2020 CalHFA CalHFA locks CDLAC portal
CalHFA Senior Loan Approval 05/13/2020 CalHFA CalHFA approval (estimated date)
CDLAC Application Deadline 05/15/2020 CalHFA CDLAC review starts
CDLAC Meeting 07/15/2020 CalHFA CDLAC Allocation Meeting
CDLAC Bond Issuance Deadline 01/11/2021 Borrower

 

CDLAC Round 10/21/2020 Deadlines Responsibility Action
CalHFA Loan Application 07/13/2020 Borrower Latest date to be received by CalHFA for Lending Programs
CalHFA Conduit Application 07/27/2020 Borrower Latest Date to be received by CalHFA for Conduit Issuance Only
TEFRA Submission 07/31/2020 CalHFA CalHFA submits
Local Reviewing Agency Submission 07/31/2020 CalHFA CalHFA sends to Local Agency
CDLAC Application Due Diligence 08/19/2020 CalHFA CalHFA locks CDLAC portal
CalHFA Senior Loan Approval 08/19/2020 CalHFA CalHFA approval (estimated date)
CDLAC Application Deadline 08/21/2020 CalHFA CDLAC review starts
CDLAC Meeting 10/21/2020 CalHFA CDLAC Allocation Meeting
CDLAC Bond Issuance Deadline 04/19/2021 Borrower

 

CDLAC Round 12/09/2020 Deadlines Responsibility Action
CalHFA Loan Application 08/31/2020 Borrower Latest date to be received by CalHFA for Lending Programs
CalHFA Conduit Application 09/14/2020 Borrower Latest Date to be received by CalHFA for Conduit Issuance Only
TEFRA Submission 09/18/2020 CalHFA CalHFA submits
Local Reviewing Agency Submission 09/18/2020 CalHFA CalHFA sends to Local Agency
CDLAC Application Due Diligence 10/07/2020 CalHFA CalHFA locks CDLAC portal
CalHFA Senior Loan Approval 10/07/2020 CalHFA CalHFA approval (estimated date)
CDLAC Application Deadline 10/09/2020 CalHFA CDLAC review starts
CDLAC Meeting 12/09/2020 CalHFA CDLAC Allocation Meeting
CDLAC Bond Issuance Deadline 06/07/2021 Borrower