4/17/2023 - Following the 2023 MIP application deadline, CalHFA completed preliminary application assessments. As expected, MIP application requests exceeded total bond cap, state tax credits, and MIP subsidy funds available, therefore, applications were prioritized based on project public benefit and efficiency consistent with CDLAC Regulation Section 5231(g)(1) and 5231(g)(2), pursuant to the MIP term sheet. The initial award list outlines the top 12 eligible projects, which are expected to produce 2,030 total units. All preliminary 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 the new construction of affordable multifamily developments throughout California that provide housing with units restricted at all income levels between 30% and 120% of the Area Median Income of the county in which the development will be located. The program was created with an annual appropriation of funds to CalHFA under 2017's Senate Bill 2 (SB2), the Building Homes and Jobs Act. CalHFA receives 15% of the Building Homes and Jobs Act Fund for MIP. CalHFA expects to have a total of $50 million available for MIP subordinate financing in 2023.
Archived MIP Term Sheet
- Archived 2022 Mixed-Income Program Term Sheet - No longer accepting applications