2/24/2022 - MIP Preliminary Award List
Following the February 11, 2022 MIP application deadline, CalHFA completed preliminary application assessments. As expected, MIP application requests exceeded total funds available, therefore, applications were prioritized based on evidence of the most efficient use of bond cap, state tax credits, and MIP per adjusted unit, pursuant to the MIP term sheet. The preliminary award list outlines the top 13 eligible projects, which are expected to create 2,240 new affordable units. These awards are conditional and subject to CalHFA’s full underwriting and analysis of project feasibility.
The CalHFA Mixed-Income Program (MIP) provides long-term subordinate financing for new construction of affordable multifamily developments that provide housing for Californians earning between 30% and 120% of the Area Median Income. The program was created after 2017’s Senate Bill 2 (SB2), the Building Homes and Jobs Act, established an annual appropriation to the Agency for the purpose of creating mixed income multifamily residential housing for lower to moderate income households. CalHFA receives 15% of the Building Homes and Jobs Act Fund for this purpose. CalHFA expects to have a total of $65 million available for MIP subordinate financing in 2022.
2022 Mixed-Income Program Term Sheet - No longer accepting applications
Archived MIP Term Sheet
- Archived 2021 Mixed-Income Program Term Sheet - No longer accepting applications