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Affordable Housing Financing <br />•Affordable housing rents are restricted below market rate, causing a financial gap. <br />•Developers must secure gap financing to make a project feasible. <br />•Most rental affordable housing projects are financed with multiple funding sources/subsidies including: <br />•Low Income Housing Tax Credits (LIHTC) <br />•Developer debt and equity <br />•Land donations from public or private entities <br />•Other State and local funding sources such as: <br />•HCD Multifamily Housing Program (MHP); <br />•HCD Infill Infrastructure Grant (IIG); and <br />•HCD Affordable Housing and Sustainable Communities Program (AHSC). <br />•Tax credit application process and local and state financing applications are typically very competitive. <br />•Gap financing is not guaranteed and often takes a year or more to secure. <br />May 11, 2026 Middlefield Library Lot B Design & Feasibility Analysis 10