The Concessionary Debt program provides loan options to for-profit, nonprofit, and governmental entities to support affordable housing investment, including:
- Multifamily Finance: Debt financing for the development and preservation of low- and middle-income multifamily rental developments
- LIHTC Gap Finance: Gap financing in the form of subordinate debt for Low Income Housing Tax Credit projects
- LIHTC Predevelopment Finance: Gap financing in the form of predevelopment loans for LIHTC projects
Modular and Factory-build Manufacturers
The fourth option is debt financing for modular and factory-build housing manufacturers and is not subject to AMI or Proposition 123 Local Government Affordable Housing Commitment requirements. The application window for the Proposition 123 Modular Finance program has closed. Please visit the Innovative Housing Manufacturer Financing webpage to learn more.
How to Apply
Concessionary Debt Process and Timeline
Starting September 18th, applications will be accepted for the Concessionary Debt Multifamily Finance, LIHTC Gap Finance, and LIHTC Predevelopment Finance programs established by Proposition 123. CHFA received 38 applications representing more than $113M in funding requests (PDF). Following the application period, selections will be announced in January 2024.
|September 18, 2023||CHFA will begin accepting applications.|
|October 9, 2023||Application submission period will end at 11:59pm MT.|
|January 2024||CHFA will announce projects selected to receive Concessionary Debt funds.|
CHFA Community Development
Manager, Community Development Lending
Commercial Loan Officer III