Lease Revenue Bonds
Front-end Accountability Criteria
The Department of Housing and Community DevelopmentThe Department of Housing and Community Development's loan and grant programs announce the availability of program funds by issuing a formal Notice of Funding Availability (NOFA) or a Request for Proposals (RFP). The NOFA contents are based on applicable law, regulations and/or guidelines and describe the program that is offering the money, gives the amount available, describes the eligible uses of the money and other rules and relevant information. The NOFA also tells who can apply and how, and provides an application deadline.
There are two types of NOFAs and RFPs; over the counter and competitive. The over the counter applications are accepted at any time, evaluated, and funds awarded to qualified applicants one at a time, on a first come, first served basis, until the available funds have been committed. Projects are evaluated using the program's threshold criteria; the criteria resides in the program regulations, in guidelines, and/or in the NOFA itself.
In the competitive funding process, the NOFA or RFP includes an application deadline date. Applications are collected and held until the deadline passes, and then reviewed and compared in a rating and ranking process that is designed to be as fair and as objective as possible. Each application is rate for completeness and given point scores for program criteria. The program criteria resides in the program regulations, in guidelines and/or in the NOFA itself.
Before final decisions are made staff recommendations for housing development awards or disapprovals are reviewed by the Local Assistance Loan and Grant Committee, an appointed panel of outside developers, lenders and public officials. The Committee's review is required by law for some but not all programs. The Committee reviews individual projects adding a valuable perspective on the financial feasibility of the project.
The Department will track awards and report twice a year on projected units produced.
California Housing Finance Agency
This program offers down payment assistance of up to 3% of the sales price or appraised value, whichever is less, for first-time homebuyers who meet specified income limits (http://www.calhfa.ca.gov/homeownership/limits/income/income-moderate.pdf).
Funding availability is announced by issuing a program bulletin to all participating Agency-approved mortgage lenders. Information is also provided on the CalHFA's web page (see link below). Included in the web page is a program description that provides eligible uses and requirements for lenders. The public can also access CalHFA's web site for information on available homeownership assistance programs and for listings of Agency-approved lenders that are authorized to originate the mortgage loans. The Agency also provides public information on the various home loan programs, including down payment assistance funded by Proposition 1C through marketing materials, trade shows, news articles, lender training, and other outreach venues.
Homebuyers seeking down payment assistance may apply for the home purchase funds through an approved mortgage lender on a first-come, first-serve basis. Eligible borrowers are required to process their loan applications through Agency-approved mortgage lenders who originate the loans, qualify the homebuyer for eligibility purposes and submit the loan application to the Agency. Agency staff review each loan for program compliance and approve the loan only if the borrower meet the strict requirements of the program. Once each loan applicant is approved by the Agency, the originating lender will close and fund the loan. The lender will then submit the loan to the Agency for purchase. Funded loans are serviced by either the Agency or Agency-approved loan servicers. The Homeownership Division Quality Assurance unit randomly audits loan files for compliance.
The statutory guidelines for this program are located with the Health and Safety Code Section 53545(a)(1)(E); the Agency's program guidelines can be found at http://www.calhfa.ca.gov/homeownership/programs/chdap.htm
The Division will monitor the timely use of the awarded funds and production of units through quarterly reports in the first year and semi-annual reports in the remaining years.
Proposition 1C ProgramsStatutory citations refer to the California Health and Safety Code. California laws can be seen at http://www.leginfo.ca.gov. Regulatory citations refer to the California Code of Regulations (CCR). Regulations can be seen at http://ccr.oal.ca.gov.
CalHome: Enable low and very-low households to become or remain homeowners.
Accountability criteria: Health and Safety Code Section (a)(1)(D); California Code of Regulations Title 25, Division1, Chapter 7, Subchapter 6.5, Sections 7530-7584: Program Guidelines
Production estimates: 6,815 units
Building Equity and Growth in Neighborhoods Program: Grants to cities, counties, or cities and counties to make deferred-payment second mortgage loans to qualified buyers of new homes, including manufacture homes on permanent foundations, in projects with affordability enhanced by local regulatory incentives or barrier reductions.
Accountability criteria: Health and Safety Code Section 53545(a)(1)(G): Program Guidlines
Production estimates: 2,938 units
Cal Home Self-Help Housing Program: Fund programs that assist low and moderate income families to build their homes with their own labor.
Accountability criteria: Health and Safety Code Section 53545(a)(1)(D): Program Guidelines
Production estimates: 752 units
California Homebuyer's Downpayment Assistance Program: Operated by the California Housing Finance Agency (CalHFA) this programs offers down payment assistance up to 3% of the sales price or appraised value, whichever is less, for first-time homebuyers who meet specified low and moderate income limits.
Accountability criteria: Health and Safety Code Section 53545(a)(1)(E): Program Guidlines
Production estimates: 24,000 units
Affordable Housing Innovation Programs: Grants or loans to fund the creation of pilot programs to demonstrate innovative, cost-saving approaches to creating or preserving affordable housing.
Accountability criteria: Health and Safety Code Section 53545(a)(1)(F).
Production estimates: 588 units
Multifamily Housing, Multifamily Housing - Supportive, and Homeless Youth Housing: Deferred payment loans to assist new constructions, rehabilitation and preservation of permanent and transitional rental housing for lower income households and homeless youths. Special allocations have been made for supportive housing with associated health and social services for low-income renters with disabilities, or that are moving from emergency shelters or transitional housing, or are at risk of homelessness.
Accountability criteria: Health and Safety Code Section 53545(a)(1)(A)(i); Health and Safety Code Section 53545(a)(1)(B); Health and Safety Code Section 53545 (a)(1)(A)(ii); California Code of Regulations Title 25, Division 1, Chapter 7, Subchapter 4, Sections 7300-7330: Program Guidelines
Production estimates: 6,478 units
Serna Farmworker Program: Grants and loans to assist the development or rehabilitation of various types of housing projects for agricultural worker households with a priority for lower-income households.
Accountability criteria: Health and Safety Code Section 53545(a)(1)(C); California Code of Regulations Title 25, Division1, Chapter 7, Subchapter 3, Sections 7200-7238: Program Guidelines
Production estimates: 2,820 units
Emergency Housing Assistance Program Capital Development: Deferred payment loans at 3 percent simple interest, forgiven when loan term is complete. Term ranges from 5 to 10 years based on the development activity.
Accountability criteria: Health and Safety Code Section 53545(a)(1)(H); California Code of Regulations Title 25, Division 1, Chapter 7, Subchapter 12, Sections 7950-7976: Program Guidelines
Production estimates: 2,350 shelter spaces
Infill Infrastructure Grant Program: Infrastructure grants for critical infrastructure projects that will (a) measurably increase the supply of infill housing produced as a direct result of the State's investment, (b) prioritize efficient land use and development patterns and (c) ensure a reasonable geographic distribution of infrastructure resources throughout the State.
Accountability criteria: Health and Safety Code Section 53545(4)(b).
Production estimates: 31,960 units
Transit-Oriented Development Program: Loans and grants to provide funds to cities, counties, transit agencies and developers for developing or facilitating higher density housing and mixed-use developments within ¼ mile of transit stations, that will increase public transit ridership.
Accountability criteria: Health and Safety Code Section 53545(4)(c)
Production estimates: 1,763 units
Housing - Related Parks Program: Grants to local governments to create or improve housing related parks in urban, suburban and rural areas.
Accountability criteria: Health and Safety Code Section 53545(4)(d).
Production estimates: 52,640 units
CALReUSE Remediation Program: Administered by the California Pollution Control Financing Authority, the CALReUSE Remediation Program provides grants and loans for brownfield cleanup that results in mixed use and residential development in California's infill areas. The CALReUSE Accountability Plan can be found here.
Accountability criteria: Health and Safety Code Section 53545(b)(2).
Production estimates: 8,131 units