Program Overview

The Housing Preservation Program makes funds available for major building improvements, preservation, and system replacements necessary for existing Housing Trust Fund (HTF) multi-family rental projects. The purpose of the program is to maintain long-term viability of the existing HTF portfolio.

Funds

The state legislature has made available $10 million from bonds and the HTF repayment account by appropriation in the 2017-2019 biennial budget. Housing Preservation Program funds may not be used to create new units.

Eligible Projects

  • The property is part of the existing HTF multifamily rental property portfolio (i.e., has an active HTF contract);
  • The building(s) of the property are more than 15 years old; and
  • At least 50 percent of the housing units are occupied by families and/or individuals with household incomes at or below 30 percent of area median income (AMI).

Eligible Activities

  • Capital building improvements;
  • System replacement or major upgrade;
  • Energy efficiency upgrades;
  • Accessibility retrofits;
  • Fire sprinklers and fire safety retrofits;
  • Other activities that add to the depreciable basis of a building; and
  • Funded activities resulting in the reduction of operating and/or utility costs.

Funding Availability

The Housing Preservation Program NOFA closed on June 30, 2018.

Application Solicited (NOFA)April 2, 2018
Application Q and A April 2 – June 1, 2018
Application Submittal Due DateJune 30, 2018
Commerce Review of ApplicationsJuly/August, 2018
Notification of Award DateSept. 14, 2018
Contract Negotiations, Drafting and ExecutionSept./Oct., 2018
Project Must Be Ready to Proceed With Preservation ActivitiesFeb. 1, 2019
Demonstration of Full Funding for Preservation Project ActivitiesBefore contract execution but no later than Feb. 1, 2019
Anticipated Completion of Preservation ActivitiesMay 30, 2019

Commerce reserves the right to revise this timeline.

Questions

For answers to questions related to the Housing Preservation Program NOFA or Application, please refer to the FAQ.

2018 Funded Projects Announcement

Now announcing the awards for the 2018 HTF Housing Preservation Program (HPP) Funding Round. The awards are posted on the Applying to the Housing Trust Fund (HTF) webpage. The HTF was able to fund 23 of the 38 applications received, for a total amount of $9,890,679. Click here to view the complete list of awarded projects.