Qualified Residential Rental Projects Program
Qualified Residential Rental Project (QRRP) Description
State and local governmental agencies and joint powers authorities can issue tax-exempt housing revenue bonds. These bonds assist developers of multifamily rental housing units to acquire land and construct new units or purchase and rehabilitate existing units. The tax-exempt bonds lower the interest rate paid by the developers. The developers in turn produce market rate and affordable rental housing for low and very low-income households by reducing rental rates to these individuals and families. Projects that receive an award of bond authority have the right to apply for non-competitive 4% tax credits.
Bond authority for Rental Projects is awarded to three sub-pools: the General Pool (Projects having more than 50% of total units designated as Restricted Rental Units); the Mixed Income Pool (Projects having 50% or fewer of total units designated as Restricted Rental Units); and the Rural Project Pool (Projects located in a rural area as defined by California Health and Safety Code Section 50199.21 but shall not include a Mixed Income Project).
Current minimum point thresholds are as follows: 60 points in the General Pool and Rural Pool and 50 points in the Mixed Income Pool.
- Standard Qualified Residential Rental Application
- Universal Qualified Residential Rental Application
- Performance Deposit Certification Form
- Report of Action Taken Form
- Applications Q&A
- Annual Certificate of Compliance Form
- Annual Applicant Public Benefits and Ongoing Compliance Self-Certification Form
- Directions for Finding Information for Distressed Community Criteria
- Methodology for Determining Rural-Status Projects
- Waiver of Rent per Square Foot Requirement
- Market Study Guidelines
- Sustainable Building Guidelines
- Software and Documentation Requirements
- Professional Qualifications and Tasks
These requirements are effective as of the May 16, 2012 allocation round. All QRRP projects that receive an allocation after May 15th, 2012 are subject to these requirements. The required items are due to CDLAC no later than two years after the issuance of bonds.
- CDLAC Forward Commitment for Federal Housing Administration Financed Projects