Tier 2 FAQs
If a project was awarded VHHP funding with a 4% TCAC then switched to a 9% TCAC without unit mix changes would it be eligible? Would it be eligible if the project received the 9% award?
| Scenario of Prior HCD Awards | Eligible? |
|---|---|
| HCD awarded as 9% first, then later awarded again as 4% | Yes |
| HCD awarded as 4% first, then later HCD awarded again as 9%* | No |
| Applied to HCD as 4%, but not awarded; later awarded as 9% | No |
| Applied to HCD as 9%, but not awarded; later awarded as 4% | Yes |
| HCD awarded as 4% first and subsequently approved TCAC application for 9% Disaster credits | Yes |
Questions and Answers
Capitalized Operating Subsidy Reserves (COSRs) are not eligible costs for Accelerator funds.
Accelerator requires each applicant to submit a complete set of its organizational documents (and all amendments thereto). The Borrowing entity is typically not an applicant, but will be a party to the Standard Agreement.
Electronic meetings are acceptable, as long as all other required components of the resolution are in place.
Resolution templates are available at the Accelerator webpage under Program Forms.
The Accelerator program is intended to fill the entire funding gap left as a result of not acquiring tax credits.
Deposits will be refunded if a project receives a CDLAC-TCAC allocation and withdraws its Accelerator application/returns the award.
The rule applies to all the Sponsor’s projects funded by Department.
Yes, any technical questions or issues should be forwarded to the Accelerator inbox, with a completed Accelerator Support Tab from the Workbook.
If the only other federal funding in the project are PBVs, NEPA will not be required, consistent with other HCD programs.
When submitting your application fee, please include the project name and contract number of your initial HCD Commitment.
Enforceable funding commitments for all other funding sources are required with your Accelerator application.
Follow the instructions in the online application portal and attach the appropriate documentation.
Yes, HCD will use the same rent limits for the California Housing Accelerator as it uses in other programs for projects with tax credits, including the hold harmless and rent floor provisions applicable to tax credit projects.
No, there will only be a final HCD Score List posted to the website at time of awards.
There is no minimum point score for the program.
Yes, it is required for those applicants who have already applied to TCAC/CDLAC.
Bay Area projects are able to compete only in the Unallocated Region Pool.
Yes, as long as the application that resulted in HCD issuing an award letter for the Existing HCD Loan Commitment showed tax-exempt bonds and 4% low-income housing tax credits as development funding sources.
All California Housing Accelerator awardees are prohibited from applying for or receiving a tax credit allocation on a California Housing Accelerator funded Project for a period of 20 years from the California Housing Accelerator loan closing date for that Project.
There is no priority for projects who have applied but not received Tax Credits. Please see the Scoring section of the Solicitation for details on scoring.
Tier 1 did not have set Geographic Regional allocations. Awards were made over-the-counter to a set number of projects that met the eligibility criteria.
California Housing Accelerator funds shall be used only for expenses that would be categorized as project costs by the federal low-income housing tax credit program, including, but not limited to, commercial costs and reasonable reserves. Operating subsidies cannot be paid for with Accelerator funds.
No, funds are for permanent financing only and will be disbursed at permanent conversion.
Please contact HCC program staff for more information.
“High Quality Transit” means a Qualifying Transit line with high frequencies AND permanent infrastructure as follows: (1) Frequency: High Quality Transit must have Peak Period headway frequency on the same route of every 15 minutes or less and service seven days a week. This level of service must have been publicly posted by the provider at some point between January 2020 and the time of application. (2) Permanent Infrastructure: High Quality Transit must operate on a railway or be transit service with Bus Rapid Transit features that either fully or partially operate on a dedicated bus-only lane, or uses High Occupancy Vehicle (HOV) or High Occupancy Toll (HOT) lanes.
“Major Transit Stop” means a site containing any of the following: (1) An existing rail or bus rapid transit station. (2) A ferry terminal served by either a bus or rail transit service. (3) The intersection of two or more major bus routes with a frequency of service interval of 15 minutes or less during peak hours. Peak hours are limited to the time between 7 a.m. to 10 a.m., inclusive, and 3 p.m. to 7 p.m., inclusive, Monday through Friday, or the alternative peak hours designated for the transportation corridor by the transit agency. This level of service must have been publicly posted by the provider at some point between January 2020 and the time of application.
Tier 1 FAQs
The below FAQs represent written comments the team received during the application webinar held September 24, 2021, and questions received by the Accelerator email inbox.
Questions and Answers
There is sufficient funding available to fund all complete applications submitted for project listed in Tier 1 of the Accelerator project tracker. Applications will be reviewed on an over-the-counter basis and complete applications that meet minimum threshold requirements are expected to be awarded funds.
The Accelerator program will follow all relevant TCAC regulations and guidance for allowable expenses. Please consult TCAC regulations.
An unfiled LP-1 document will be allowable in the Application, but will need to be filed prior to Standard Agreement execution.
Electronic meetings are acceptable, as long as all other required components of the resolution are in place.
Sample resolutions will be available at the Accelerator webpage as soon as they are finalized by the Department.
Deposits will be refunded is a project receives a CDLAC-TCAC allocation and returns an Accelerator award.
Deposits will be refunded is a project receives a CDLAC-TCAC allocation and returns an Accelerator award.
The index utilized to quantify costs increases does include increases during the 2021 calendar year.
The rule applies to all the Sponsor’s projects funded by Department.
Please include all relevant previous HCD awards made after January 1, 2018 in your Accelerator application.
Yes, any technical questions or issues should be forwarded to the Accelerator inbox.
If the only other federal funding in the project are PBVs, NEPA will not be required, consistent with other HCD programs.
When submitting your application fee, please include the project name and contract number of your Existing HCD Commitment.
Funding commitments are not required for your Accelerator application, but if funding is committed, you can attach documentation in the Additional Requirements section of the application.
In the online application portal, there is a section called “Additional Requirements” where you can upload those documents.
Yes, HCD will use the same rent limits for the California Housing Accelerator as it uses in other programs for projects with tax credits, including the hold harmless and rent floor provisions applicable to tax credit projects.