Attention: Affordable Housing Developers and Public Agencies Interested in Purchase Opportunities
Join HCD February 16th for a webinar on the new qualified entity certification process
Learn how you can certify with HCD and be notified of upcoming purchase opportunities of at-risk subsidized affordable housing
California’s Preservation Notice Law gives “qualified entities” – i.e., HCD certified affordable housing developers and tenant organizations – priority rights to purchase at-risk subsidized affordable housing. In the spirit of implementing the expansion of the State Preservation Notice Law with the passage of AB 1521 (2017), HCD is hosting a webinar for those who wish to certify as qualified entities. The California Department of Housing and Community Development will release a new portal for new and current qualified entities to certify with HCD. Those who certify will be listed to receive Notice of Opportunity to Submit Offer to Purchase (NOSOP) letters from owners of assisted developments twelve months before affordability may expire in geographies of interest. All existing qualified entities must recertify with HCD.
In addition to providing information on how current and new potential qualified entities can certify, this webinar will allow HCD to answer questions on the process.
Who should attend?
Public agencies, housing authorities, nonprofit or for-profit affordable housing developers, and tenant associations.
Register to attend the listening session
Qualified Entity Certification Webinar
Tuesday, February 16, 2021
2:30 to 3:30pm
Register
Questions? Please email Preservation@hcd.ca.gov.
Background: State Preservation Notice Law requires owners of subsidized affordable housing with expiring affordability terms to provide specified notices to the Department of Housing and Community Development (HCD), the local government, and existing and prospective tenants beginning one year prior to termination (three years for projects with a fixed expiration date). Prior to or concurrent with the tenant notice (or any time the owner contemplates a sale if the owner is eligible for termination within five years), the owner also must provide notice to “qualified entities” of the opportunity to submit an offer to purchase the development. During the first six months of the one-year offer notice period, the owner may not accept purchase offers from anyone other than a qualified entity. During the last six months of the one-year offer notice period, the owner must allow any qualified entity that submitted a bona fide purchase offer a right of first refusal on any offer from a non-qualified entity.