Guidance for Property Owners/Managers of HCD-funded Developments

Guidance for Property Owners/Managers of HCD-funded Developments

Updated guidance for relief requests, reporting requirements, compliance monitoring, and more

To help ensure more Californians don’t end up homeless in the wake of COVID-19, the California Department of Housing and Community Development’s Asset Management and Compliance Branch has updated its guidance to include additional relief options for properties experiencing cash flow shortages due to decreased rental revenue caused by renter inability to pay as a result of the COVID-19 state of emergency.

The guidance will be in effect beginning June 16, 2020 and re-evaluated on a continual basis.

What’s changed?

  1. Relief Requests
  • Now allowing deferment of .42% and annual monitoring fee payments for payments due in June and September 2020.
  • Now allowing for use of both replacement and transition reserves for operating costs (with prior approval of HCD).
  1. Reporting Requirements
  • Extending reporting deadlines to June 30.
  1. Compliance Monitoring
  • Beginning July 2020, replacing occupancy site visits with desk audits.

View the updated Guidance on COVID-19 State of Emergency Hardship Requests and Status of Monitoring and Compliance Functions.

For more information, please visit HCD’s Guidance and Information on Coronavirus webpage.

HCD will continue to partner with you to ensure the affordable homes you provide remain financially stable and available to Californians throughout the state.