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CHFA received 113 Letters of Intent (LOIs) to apply for the 2022-2023 cycle of forgivable loans and grants under the Affordable Housing Financing Fund Land Banking program established by Proposition 123. The allocated budget for this year’s program is anticipated to be approximately $24.5 million, and the LOIs received represent over $255 million in funding requests.
Given the significant demand for funds from the program, CHFA and OEDIT have determined that a competitive application process for the 2022-2023 round will be required. As a first step, the LOIs received are currently being reviewed using the following criteria:
1. Readiness to proceed (shovel readiness)
2. Development plan status
3. Financial feasibility
4. Geographic distribution
5. Dollar amount of request
6. Total number of units proposed
Please note that only the LOIs that are determined to meet the requirements above will be invited to apply. We anticipate making the announcement of the LOIs selected to apply in the next couple of weeks.
In the meantime, questions about the Land Banking program may be submitted to landbanking@chfainfo.com, and more information about the program is available on the Affordable Housing Financing Fund website.
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