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Downtown Rebound Capital Improvement Program
Links to program publications are shown below the program description.
Purpose
Finance the conversion of vacant or underutilized commercial and industrial structures into residential units; residential infill; and the development of high-density housing adjacent to existing or planned mass transit facilities.
Assistance Type
Deferred payment development loans.
Terms
Loans at 3 percent interest for projects occupied by and affordable to households with incomes not over 30 percent of 60 percent of area median income. Affordability term is 55 years. Multifamily Housing Program (MHP) terms and conditions will govern.
Maximum loan amount per unit is determined by a formula that takes into account a base loan amount of $20,000 per unit, plus an additional amount per restricted unit required to reduce rents from 30 percent of 60 percent of area median income to the actual maximum restricted rent for the unit.
Eligible Activities
Adaptive reuse of vacant or underused commercial and industrial space into housing where at least 20 to 40 percent of the units are affordable; residential infill; development of high-density housing near mass transit stations; planning for infill housing, adaptive reuse, and other forms of downtown housing development; seismic and structural feasibility studies related to adaptive reuse. Notices of Funding Availability (NOFAs) will indicate the permitted type of financing (construction or permanent) and any special conditions (e.g., subsidy for market rate units). Eligible costs include property acquisition, selected refinancings, lease payments, construction, rehabilitation, off-sites, on-sites, architecture, engineering, legal and other soft costs, selected support facilities, developer fee, rent-up costs, carrying costs, permits and fees, reserves, closing costs, environmental work, relocation and other costs approved by HCD.
Eligible Applicants
Local public entities, for-profit and nonprofit corporations, limited liability companies, limited equity housing cooperatives, Indian reservations and rancherias, and limited partnerships in which an eligible applicant or an affiliate of the applicant is a general partner.
Application Process
Applications will be invited by Notices of Funding Availability (NOFAs).
Contacts
Mike Greenlaw (916) 327-3630
Program Publications
Important Notice: The Department of Housing and Community Development is providing the following sample loan documents for general information purposes only. The Department reserves the right to make changes to its documents at any time prior to the closing of an individual loan. Final loan documents will be modified to reflect the specific terms and conditions applicable to the particular loan and property.
Documents related to the NOFA dated November 2000:
- Deed of Trust—Microsoft Word or Adobe PDF
- Development Agreement—Microsoft Word or Adobe PDF
- Promissory Note—Microsoft Word or Adobe PDF
- Regulatory Agreement—Microsoft Word or Adobe PDF
- Request for Funds—Microsoft Word or Adobe PDF
Currently no funds are available. These documents are retained here for information purposes.