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Commission approves Round 16 rental awards; adding FY'27 funding could nearly triple units
Summary
The commission approved staff recommendations for Round 16 rental awards and discussed reserving FY27 funds now to increase unit production from about 330 units with FY26 alone to roughly 952 units if FY27 funds are included.
Staff presented the rental project rankings and explained how the fund's set-aside rules (20% for eligible small organizations) and threshold criteria affected eligibility. Staff noted two applications did not meet threshold criteria and that partial funding decisions account for carryover rehab funds of roughly $619,823.75.
Staff highlighted the difference in scale if FY27 funds are added: "you will see the unit differential, more importantly, between getting 330 units from FY '26 only and, 952 units if we add the FY '27 funding." Commissioners discussed whether to award FY27 funds now to avoid delaying high-scoring projects and asked how quickly subordinate debt funds might be redeployed to serve similar needs. Staff said those subordinate funds have different underwriting criteria and may not align with the current Round 16 projects. The commission approved the rental awards with motion language that ties use of FY27 funds to FY27 budget approval.
