Opportunity Title:
Portfolio Reinvestment Program (PRP)
Description:
The Portfolio Reinvestment Program (PRP) aims to preserve existing HCD-funded affordable housing projects by extending and restructuring affordability agreements; extending loan maturity dates; providing new low-interest long-term loans for rehabilitation; and providing forgivable loans to capitalize short-term operating subsidies.
Eligibility:
An eligible applicant must be the sponsor of an eligible project. A sponsor is any individual, joint venture, partnership, limited partnership, trust, corporation, limited liability company, local public entity, or tribal entity, or any combination thereof that meets the requirements of the PRP NOFA/Guidelines.
Sponsor(s) and borrower(s) may not be in breach or default of the original HCD loan nor under any other HCD programs, except for the maturity of an unpaid loan.
Total Amount Available:
$332,500,000
Maximum Award:
$25,000,000
Application Deadline:
November 30, 2022
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