About Multifamily Rental Housing
A large percentage of the loan programs administered by the CDC go toward assisting in the development and construction or renovation of multifamily rental housing for Special Needs populations. Eligible projects applying for funding under a Notice of Funding Availability (NOFA) must be new construction, or acquisition with substantial rehabilitation, providing at least 15 units of permanent rental housing. Projects must also be eligible for and include proposed Low-Income Housing Tax Credit financing. Affordable rents and income restrictions are required in exchange for favorable loan terms. Eligible applicants include non-profit and for-profit organizations, limited liability companies, limited partnerships, public agencies, other local jurisdictions, and joint ventures among any of these entities. Apartment buildings or complexes that receive financing assistance from the CDC are required to submit annual compliance reports which are monitored by the CDC staff.
Proposed developments that are located within 500 feet of a freeway are now eligible, with the following restrictions. If any portion of a proposed development site is within 500 feet of a freeway, the project must be designed in such a way as to exclude from this 500-foot freeway “buffer” area any portion of the residential building. Play areas, community rooms, gardens, patios, and other areas where residents may reasonably be expected to congregate shall also be excluded from the buffer area. An example of a suitable use within the 500-foot freeway buffer is a parking lot. The CDC shall review and approve, at its sole discretion, any site plans for developments of this type.