Short-term loans to finance predevelopment costs to preserve, construct, rehabilitate or convert assisted housing for low-income households.
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Predevelopment Loan Program (PDLP)
Notice of Funding
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Reporting and Compliance
Upon completed construction of your project and closing of your HCD permanent loan, oversight of your project and loan is transferred to HCD’s “Asset Management and Compliance (AMC)” section.
Awards
Assistance Type and Terms
Three percent simple annual interest short-term loans for up to two years. Maximum loan amount for purposes other than site option or site purchase is $100,000. The maximum amount committed to any one borrower at any point in time is announced in each Notice of Funding Availability (NOFA).
Eligible Activities
Predevelopment costs of projects to construct, rehabilitate, convert, or preserve assisted housing, including manufactured housing and mobilehome parks. Eligible costs include but are not limited to site control, site acquisition for future low-income housing development, engineering studies, architectural plans, application fees, legal services, permits, bonding, and site preparation. Priority will be given to developments which are rural, located in the public transit corridors, or which preserve and acquire existing government-assisted rental housing at risk of conversion to market rents.
Eligible Applicants
Local government agencies, nonprofit corporations, cooperative housing corporations, and limited partnerships or limited liability companies where all the general partners are nonprofit mutual or public benefit corporations.