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Community Development Agency
Sandra Rivera, Agency Director

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Rental Housing Programs

Housing Development Loans

HCD provides loan financing to developers to increase and preserve affordable housing throughout the County. These funds are available from a variety of sources, including the federal HOME and HOPWA programs, the local Affordable Housing Trust Fund, and other funding sources as they are available.

HCD does not make grants for housing development projects. The funds are provided in the form of loans, with terms set to assist in the long-term viability of housing affordable to low-income households.

Standard loan terms are 3% simple interest amortized over 59 years, with annual payments. Standard Debt Coverage Ratio is 1.15. HCD loans are secured by a promissory note, a deed of trust recorded against the property. Income, occupancy, and resale restrictions will be placed on the property through either a recorded regulatory agreement (rental projects) for 59 years or a resale agreement (ownership projects) for 45 years.

If a senior lender requires a residual receipts loan, HCD will consider providing its funds in a residual receipts loan also. If approved, the calculation of required payment shall be based upon the percentage of participation of all residual lenders, with the County receiving its percentage of participation after commercial debt is covered. It is the developer's responsibility to negotiate this requirement with other lenders. In addition the annual audit of the project must calculate the amount of payment owed to each separate lender every year as part of the ongoing multi-year reporting requirements.

Changes to standard loan terms must be approved by the Housing Director and will only be granted to ensure project feasibility.

Projects are not eligible if the funding requested is to pay down other permanent (long term) affordable housing development funding. Repayment of short-term debt (acquisition or construction funding) may be considered an eligible cost as long as that debt cannot be amortized and the project is infeasible without additional subsidy.

Boilerplate loan documents (contract, regulatory agreement, deed of trust and promissory note) are available for review, please contact hsgdev@acgov.org.

• Boilerplate Promissory Note (PDF - 21kB)
• Boilerplate Deed of Trust (PDF - 81kB)
• Boilerplate HCD Regulatory Agreement (PDF - 255kB)
• Boilerplate Contract (PDF - 339kB)
• Boilerplate Loan Agreement (PDF - 486kB)