Zen Development Consultants LLC

Attention California developers, there is a just under one month remaining before the deadline for HCD Super NOFA, with $382 million in funding available. We at Zen Development Consultants are working on a bunch of applications for our clients, but we have room for one or two more. If you are thinking about applying and could use some assistance, please contact us! https://lnkd.in/g4pKPM_y https://lnkd.in/g9tvmqup

Many of our affordable housing development colleagues have seen California’s 2025 Tax Credit schedule, and are assessing their development pipelines for readiness. Notable changes this year: ·????????A shift in state tax credits of $100MM from the CalHFA Mixed Income program (MIP) to the general pool, resulting in $379MM in state credits available for general pool ($300MM in 2024) ·????????TCAC is not allocating any California state tax credits to the CDLAC Round 1, and the $379MM in state tax credits will be available in Rounds 2 and 3. Round 1 will therefore chip away at the significant backlog of non-state credit projects which applied and were not funded in 2024. For those considering applications to CalHFA’s MIP program, the term sheet is expected by the end of January. The CalHFA MIP program will have steeper competition this year due to half the amount of state credits ($100MM instead of $200MM) set aside for MIP projects.?ZDC is helping several clients with MIP projects assess feasibility and chart a competitive path forward. Reach out to us at [email protected] for help in understanding the California funding landscape, including state and federal credits, state funding from HCD, as well as inquiring about assistance on your funding applications.

Attention California developers! Zen Development Consultants LLC is tracking the imminent release of over $2bn in Homekey+ funds to finance the development of permanent supportive housing. California Department of Housing & Community Development will accept applications on a rolling basis beginning in early 2025, with awards in June of next year. This high volume of development funding will help many of you get permanent supportive housing projects funded and completed in record time.?We at ZDC are ready to help you win a Homekey+ award and get your project underway.?Our services include assistance identifying sites, working with local municipalities, preparing for the Homekey+ application, coordinating construction closing, and performing project management from award through lease-up. The Homekey+ NOFA is expected within the next two weeks! Ready to speak with us about a Homekey deal? Email us: [email protected] https://lnkd.in/g7SvW8nh

Congratulations to MidPen Housing Corporation on closing on construction financing for the rehabilitation and electrification of Carroll Inn, a 121-unit single-room occupancy property located in Sunnyvale, CA. Carroll Inn serves very low-income and special needs residents, and the upgrades will help ensure the property is efficient and sustainable for many years to come. ZDC's Kate Traynor and Jeremy Hoffman supported MidPen’s Asset Management team on the scoping, permitting, and financial closing.?Zen Development Consultants LLC will also assist in project management during the rehabilitation, and we look forward to ensuring the project’s rehab is completed on time and within budget. The $2.2 million scope is being funded through a $490,000 CDBG award from the City of Sunnyvale, with additional funding from state and local energy efficiency incentive programs, including the state of California’s Low Income Weatherization Program https://lnkd.in/gmR8hPHY These incentives will pay for the project’s major system upgrades, including replacing domestic water heaters with more efficient heat pump water heating, and replacing the current heating system with an inverter-driven packaged heat pump system. Special congratulations to Nigel F. and Aditi Mahmud on MidPen’s Asset Management team. ZDC looks forward to seeing the project through to completion!

Zen Development Consultants LLC is pleased to have helped with the due diligence, entitlements, and site assembly for the 41st and Soquel project in the City of Soquel, in unincorporated Santa Cruz County. The project will be developed by The Pacific Companies and Linc Housing, who have just closed on the land – congratulations!?Once completed, 41st and Soquel will feature 289 units of affordable housing. Zen Development Consultants is very pleased to have played a key role in getting the project launched, and wishes the developers a speedy completion! #affordablehousing #housingforall #LIHTC https://lnkd.in/gVg3c2v7

Zen Development Consultants LLC is thrilled to see construction begin on Access Apartments in the Eastern Sierra community of Mammoth Lakes. Senior Development Consultant?Kevin Shirata worked in tandem with Mammoth Lakes Housing staff to oversee design development (including some significant value engineering), secure permitting, select the GC, and generally shepherd the project to construction closing.?ZDC will also be providing project and construction management services until completion?in the fall of 2025. ? This is an innovative workforce housing project?without tax credit financing, targeted to households earning less than?80% and 120% of area median income. #workforcehousing #affordablehousing

Zen Development is proud to have teed up a 70-unit large family project for Mercy Housing California and CHIP. We secured the off-market site, obtained CDBG Disaster Recovery funds, project-based voucher commitments, and worked on the successful 9% LIHTC application, sending Mercy and CHIP towards the construction closing.? ? The site is directly in the burn scar of the Camp Fire in Paradise – rebuilding affordable housing destroyed in the fire.?Phase 1 is now under construction and Phase 2 is coming soon! For more information, please reach us at: www.zendevelopment.org #affordablehousing #mercyhousing #communityhousingimprovementprogram #firereconstruction

Zen Development Consultants is pleased to announce two principals who have joined our affordable housing consulting practice: Liz Tracey and Jeremy Hoffman. Both bring a wealth of experience as affordable housing practitioners that will be instrumental as we expand our practice to serve housing developers in California, now in New York, and other select locations across the country. ? Liz, based in Colorado, has decades of experience on the financing side of the business, both lending and tax credit investing, as well as serving in senior roles with affordable developers in California and Colorado. ? Jeremy is back in California after working for several years in New York City, where he oversaw preservation and new construction programs at the New York City Department of Housing Preservation and Development. He also was director of development for two Bay Area developers, BRIDGE and Eden Housing, before joining ZDC. We have capacity and are ready to help with your developments! For inquiries, please contact us at [email protected]. #affordable housing #development consultant

Score! Jeremy is going to be a senior consultant but also a principal overseeing ZDC's consulting work and our own developments.