Due to lack of funding availability, SHRA is not currently accepting applications for its Multifamily Lending Program in the City or unincorporated County of Sacramento. Any change in the program status will be posted to the website.
12 or More Units
Loan and Bond Program
SHRA offers gap financing and issuance of mortgage revenue bonds for the development or acquisition/rehabilitation of multifamily rental housing in the City of Sacramento and unincorporated areas of the County of Sacramento. Under certain cooperation agreements, SHRA may also finance affordable housing developments in other cities within the County. All housing financed by SHRA carries affordability restrictions on some or all of the units.
The goals of the Multifamily Housing Loan Program and Mortgage Revenue Bond Program are to:
- Increase and preserve the supply of affordable rental housing for all income groups, including those requiring supportive services
- Facilitate community and neighborhood revitalization through strategic investments in deteriorated properties and new construction
- Encourage economic integration within neighborhoods and within affordable developments, to the greatest extent possible
- Maintain quality and sustainable living environments for residents of assisted affordable developments and surrounding properties
- Increase the efficiency of Agency funding by obtaining the fullest leverage of non-Agency funds
Pre-applications for Agency loans under this program are accepted on a quarterly basis. After review of the pre-application and based on funding availability, Agency staff will request full applications from applicants who meet project priorities. Agency pre-application deadlines are January 30, April 30, July 30, and October 30 of each year or the first business day following if the Agency is closed on the due date. Applications must be received by 4 p.m., on the due date. Applications for the issuance of mortgage revenue bonds without an Agency loan will be accepted at any time throughout the year.
From time to time, the Agency also releases Notices of Funding Availability (NOFA’s) or sponsors initiatives for projects which meet certain additional specific criteria. NOFA’s will include the amount of loan funds available, and will specify the type of development sought by the Agency. Selection criteria may include a specific housing need to be met, a particular location, or other requirements of the development being considered for funding under the NOFA.
11 Units or Less
The Investment Property Loan Program is designed to provide low-interest rate financing for acquisition and rehabilitation or rehabilitation only of investment property between one and 11 units. Properties containing more than 11 units may be considered under this program in special circumstances.
Agency funds are intended as "gap" financing. Applicants are expected to secure the maximum amount of private financing available. Agency funds are loaned to fill the difference between such financing and total project development costs up to the maximum amount per unit.
Questions about funding for multifamily housing lending programs may be directed to Jeree Glasser-Hedrick at (916) 440-1302 or email@example.com
Qualifying Census Tracts
Effective January 1, 2009, the City and County of Sacramento are no longer considered Difficult to Develop Areas (DDA). While affordable housing developments will no longer qualify for a 30% boost in the value of Low Income Housing Tax Credits by virtue of being in a DDA, those projects that are located in a Qualified Census Tract (QCT) can still qualify for this boost. Maps are available for viewing which reflect the QCTs within the boundaries of the City and County, respectively. If a developer has a specific property location, the location can be entered into a HUD database Eligibility Locator that confirms the property’s location within a QCT.