QuickStart – Up to 5 year term.
SemiPerm Loan – Five (5) to fifteen (15) year term.
(a) QuickStart (QS)
The QS Program is designed to provide short-term, quick turn-around loans to assist with the early stages of project development. QS loans have the following specific terms and conditions:
- Loan term of up to 5 years.
- Interest due semi-annually; loan principal due at loan maturity.
- Download Quickstart loan terms sheet here.
This program is intended to assist: (1) developers with more complex projects needing acquisition and/or predevelopment funds and which projects need longer timeframes to complete predevelopment activities (such as securing entitlements and other financing commitments, undertaking relocation, etc.) before they can reach construction start; and (2) owners of existing affordable housing developments to address immediate needs, including refinancing to preserve affordability, and rehab while awaiting the necessary time to lapse before they can seek to refinance with tax credits or other funding source. The following are terms and conditions specific to this program:
- Loan term of five to fifteen years.
- Repayment terms are negotiable, but borrower will at a minimum need to make periodic interest-only payments.
- Download SemiPerm loan term sheet here.
(c) Requirements of Both Loan Programs:
- Project must be located in San Mateo County.
- Project must be located in a jurisdiction that has an adopted housing element or one that is under review by State HCD.
Other Specific Requirements:
Eligible Activities. These include acquisition, predevelopment, construction or rehabilitation, and refinancing to preserve affordability.
Affordability. Preference will be given to applications offering a greater number of affordable units, based on HEART funding per unit, and/or deeper affordability targeting. As well as in areas that include, but are not limited to: disadvantaged communities, infill development, and high/low resource and high segregation and poverty areas; high-density developments in Location Efficient Communities; and/or projects with proximity to public transportation.
Qualifying Applicants: Any corporation, non-profit or for-profit, or any public agency which intends to either own or substantially sponsor a qualifying project. Applicants must have a demonstrated ability to produce affordable rental housing in the scale for which funds are being requested.