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.
Approximately $285 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, 2026.
NOFA Release: March 28, 2022
Application Release: April 8, 2022
Application OTC Period: April 29 to November 30, 2022
Award Announcements: Continuously, approximately 4-5 months after application submittal