FAQ Index
Application Questions
What are the deadlines to submit HELP II loan applications?
Applications are accepted on a continual basis. However, Applications are due by the 20th of each month in order to be considered at the next month’s meeting.
How many audited financial statements does CHFFA require?
CHFFA requires audited financial statements for the three most recent fiscal years.
Does CHFFA require estimates for construction, renovation, or equipment purchase with the loan application?
Yes.
Is a potential borrower required to secure a contractor before Authority approval?
Applicants are not required to have a contractor in place before Authority loan approval. However, an executed contract is required prior to closing the loan.
Does the utilization of HELP II funds trigger prevailing wage requirements?
HELP II loan borrowers must comply with California's prevailing wage law under Labor Code section 1720, et seq. for public works projects. The Authority recommends applicants and borrowers consult with their legal counsel.
Can a potential borrower apply for a real property acquisition loan prior to escrow?
No. However, it is recommended that a potential borrower talk with CHFFA staff prior to searching for a building or land.
Can a borrower obtain multiple HELP II loans?
Yes, however, a borrower may not exceed $2,000,000 in total outstanding HELP II loans. Note: A borrower may not exceed a total of $1,000,000 when the HELP II loan is for the purpose of refinancing only.