CHARITABLE AFFORDABLE HOUSING PROGRAM TIMELINE

Written By Noami Pines

Basic Steps:

1. Complete the CMFA Application

2. Closing Timeline

3. Draft Documents

4. Notify Local Municipality

5. Final Resolution Approval

6. Grant Award

7. Closing

Detailed Version:

1. Complete the CMFA Application:

a. Borrower’s Name – Project’s legal entity name

b. Detailed Project Description and Summary of Public Benefits

c. Sources & Uses section must describe the uses of the Welfare Exemption funds

d. The distribution list must have a non-profit partner

e. Specify unit breakdown of the anticipated AMI or current AMI

f. The Additional Requirements (Page 3) must be completed

g. Send $2,500 CMFA application fee

h. Once the application fee is received, the CMFA staff will review the application, request additional information if necessary, and notify applicant if the application is approved

2. Closing Timeline:

a. Create distribution list

b. Order a Desktop Market Study

c. Set up schedule for conference calls

3. Draft Documents:

a. Once the application is approved, CMFA special counsel will email draft documents to the developer’s team

i. Draft documents include the Regulatory Agreement, the Public Notice, the Final Resolution, and the Grant Award Letter

b. Finalize the draft documents

4. Notify Local Municipality:

a. CMFA staff will notify the host municipality of the anticipated grant donation

5. Final Resolution Approval:

a. The Board of the CMFA will consider the Final Resolution and Grant Award

6. Grant Award:

a. After Board approval of the Final Resolution, the Borrower may be awarded the grant

7. Closing:

a. Provide escrow, title, and fiscal agent information (Please include Katrina Dair in the emails – kdair@cmfa-ca.com)

b. Grant is awarded and the Regulatory Agreement is recorded soon thereafter

Noami Pines