To be eligible for PRP, projects must meet both criteria:
- Rental housing consisting of five or more units (or in the case of group homes, rental housing consisting of 5 or more rental bedrooms).
- All HCD affordability restrictions(s) have expired or will expire on or before December 31, 2032, or which have been foreclosed on by the Department or another public lender, and at least one HCD document containing affordability restrictions has not been terminated or otherwise removed by HCD.
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.
Key Threshold Requirements
- Demonstrate readiness to commence construction within 180 days of award.
- Letter of Interest from a lender for construction financing
- Demonstrate Fiscal Integrity as defined in MHP Guidelines section 7301(j) by the 10th year after the date of recordation of the PRP rehabilitation 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.