California
California Legislature Approves Creation of Housing Alliance for the Bay Area
The California State Assembly approved Assembly Bill 1487,that would authorize the creation of the Housing Alliance for the Bay Area, tasked with raising public funds and providing technical assistance to create and preserve affordable homes and offer tenant protections across the region.
California HFA $2 Million Section 811 NOFA
Approximately $2 million in Section 811 project-based rental assistance is available under Round 1 of the Section 811 Project Rental Assistance (PRA) program. Units provided this rental assistance would need to be occupied by PRA-eligible tenants no later than September 30, 2020. The California Housing Finance Agency is accepting applications now an over-the counter first-come-first-served […]
Reports and Policy Recommendations on Housing Needs in SoCal Counties
The California Housing Partnership released new reports in collaboration with local and regional housing organizations that document the deteriorating conditions facing low-income renters in five Southern California counties: Los Angeles, Orange, Riverside, San Bernardino and San Diego. The reports offers policy recommendations for state, local and regional leaders…
HUD Awards $1.5 Billion To Support Disaster Recovery in 7 States
HUD awarded nearly $1.5 billion to support seven states in their recovery from 2018 disasters, including Hurricane Michael, Hurricane Florence and wildfires in California.
California TCAC Meeting – May 15
The California Tax Credit Allocation Committee (TCAC) released the agenda for its May 15 hearing.
HUD Multifamily West Region Notice on Zero Income Residents
HUD’s Office of Multifamily West Region issued a memo that nullifies the requirement to review the status of residents reporting zero or nominal (less than $100.00) income every 90 days.
Red Stone Provides $85 Million in Bond Financing in Four Days
Red Stone Tax-Exempt Funding (Red Stone) successfully structured and closed three tax-exempt and taxable bond transactions totaling $85.27 million via its Red Stone Direct investment platform. These investments will provide debt financing for the new construction of affordable rental communities in California, Texas, and Utah.
CalHCD Amends VHHP Program Guidelines (Rounds 1-4)
The California Department of Housing and Community Development (CalHCD) has released an amendment to the Veterans Housing and Homelessness Prevention (VHHP) program Guidelines for rounds 1 – 4. Effective immediately, the Guidelines’ treatment of Developer Fees and Asset Management Fees mirrors the Uniform Multifamily Regulations’ treatment of those fees.
CalHFA Mixed-Income Program Applications Due April 30
With funds gathered as part of Senate Bill 2, the California Housing Finance Agency (CalHFA) has made $40 million available for its new Mixed-Income Program. CalHFA’s Mixed-Income Program provides competitive, long-term gap financing for the construction of new rental housing developments that are affordable for a mix of incomes between 30 and 120 percent of the area median income.
California HCD Awards Homelessness Funding
The California Department of Housing and Community Development (HCD) announced awards totaling $302 million from the No Place Like Home program. HCD also announced awards totaling $11 million from the federal Emergency Solutions Grants (ESG) program.
Updated FY 2019 FMRs for 10 Areas – Effective April 1, 2019
HUD released the updated Fair Market Rents (FMRs) for the FY 2019 Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program for ten areas based on new survey data. The new FMS are effective as of April 15, 2019 and based on surveys conducted by the area public housing agencies and reflect the […]
TCAC Consent Forms and Agreements
The California Tax Credit Allocation Committee (TCAC) released a memo describing how TCAC processes requests for consent to assign reservations of credit; consent to assign carryover allocations; changes to the applicant and general partners at the time the project ownership structure is formed; resyndications: regulatory agreement assignment, standstill agreement, subordination agreement; and other similar consents.