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Affordable Housing Innovation Program - Loan Fund (AHIP-L)
Purpose
Provide quick acquisition financing for the development or preservation of affordable housing.
Assistance Type
Loans for developers, provided through a nonprofit fund manager.
Assistance Terms
To be determined. Loan terms may not exceed 5 years.
Eligible Activities
Property acquisition.
Eligible Applicants
Applicants must demonstrate local government support, the availability of leveraged funds, organizational stability and capacity, and a track record of developing affordable housing.
Application Process
HCD expects to select a fund manager in early 2009. Applicants will apply directly to the fund manager. Priority will be given to applications with the greatest level of affordability, among other factors.
Contact
(916) 322-1560 or http://www.hcd.ca.gov/contact.html