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.
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Approximately $332.5 million in Portfolio Reinvestment Program (PRP) funding will be made available to HCD-assisted projects whose HCD affordability restrictions have expired and not been removed from the project, and/or have HCD affordability restrictions that are expiring on or before December 31, 2032, or which have been foreclosed on by the Department or another public lender.
Permanent loans for rehabilitation
To be eligible for PRP, projects must meet both criteria:
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.
Minimum scope of work: address all critical and immediate repairs, and replacements, listed as required 5 years of the date on the third party Property Condition Assessment (PCA) submitted as part of the application.
Application materials for the PRP NOFA must be submitted electronically via the application portal on the Department’s website no later than 5:00 p.m. Pacific Daylight Time on November 30, 2022.
| Timeline | |
|---|---|
| NOFA Release | March 28, 2022 |
| Amended NOFA Release | July 28, 2022 |
| Application Release | April 8, 2022 |
| Application OTC Period | April 29 to November 30, 2022 |
| Award Announcements | Continuously as applications are approved, approximately 4-5 months after application submittal, but no later than May 31, 2023 |
| Funds encumbered through an executed Standard Agreement | No later than June 30, 2024 |
| Capitalized Operating Subsidy Reserve expenditure deadline | December 31, 2026 |
| Permanent Loan Conversion | No later than August 31, 2026 |
Submittal instructions for PRP’s application portal will be released separately, on or before the date the application submission window opens.
NEW PRP Amendment #1 NOFA Webinar (PDF)
NEW PRP Amendment #1 NOFA Webinar Recording
NEW PRP Application Webinar (PDF)
NEW PRP Application Webinar Recording
PRP Amended Application (XLSM)
Payee Data Record STD 204 Form (PDF)
Regulatory Agreement Expiration Report (PDF)
Expanded NOFA Amendment List (PDF)
The Regulatory Agreement Expiration Report and the Expanded NOFA Amendment List present a list of the Projects that may be eligible for PRP funding according to our database. The Department shall verify eligibility for PRP funding at the time of application. Sponsors with concerns or questions about the information on this list or your Project’s eligibility status should contact the Department at portfolioreinvestment@hcd.ca.gov.
PRP - GP/LP Loan Authorization Form (DOC)
PRP - Multi-Member LLC Resolution (DOC)
PRP - Corporation Resolution (DOC)
PRP - Public Entity Resolution (DOC)
The Department held virtual PRP Amended NOFA webinars to discuss PRP’s Amended NOFA and Guidelines, project eligibility, program rules, and to take questions from attendees. The Department also held a virtual application webinar to discuss the amended application. The recorded webinars are available under the Resources tab.
