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 |
