The PDC provides such funding twice a year through a spring and fall request for proposals process, says the PDC's housing development finance manager Andy Wilch. "These projects have gone out and secured all of their other financing commitments and they come to us and say 'here's the number of units we can build if you can fill in the gap in our financing,'" Wilch tells GlobeSt. "If we like what they bring to the table, we reserve the funds; if they then meet all of the conditions, we make a binding commitment."

The money is provided either as a loan bearing 3% interest or in exchange for at least 50% of the net cash flow that a project generates, says Wilch, adding that projects generally take 24 months to be approved and completed once they receive their reservation of funds. Here's a look at the projects that received a reservation of PDC funds in this last round:

--Los Jardines, 6017 N.E. Killingsworth. New Construction of nine apartment buildings for larger families. The $6.9 million project by Hacienda Community Development Corp. is receiving $691,355 from the PDC and will create 43 units of affordable housing.