This Solicitation opportunity from Florida was posted on January 23, 2024. The submission period has ended. Browse the details below for market research, or find similar active opportunities.
Affordable Housing Development Gap Funding - PHASE I
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Volusia County’s Department of Community Services is seeking proposals for gap funding loans aimed at supporting the development of affordable multi-family rental housing or permanent supportive housing (PSH) projects within the county, excluding Daytona Beach and Deltona. The funding, sourced from programs such as SHIP, HOME, and HOME-ARP, is intended to supplement other financing sources for projects that meet specific affordability criteria. Eligible proposals must include at least 50 affordable rental units, with all affordable units designated for households earning at or below 80% of the area median income, and requests for funding are capped at $60,000 per unit for multi-family developments. For PSH projects, there is no minimum unit requirement, and funding requests can be up to $80,000 per unit. The awarded funds will be structured as 50-year deferred, forgivable loans with zero interest, contingent upon securing full funding from other sources. Applicants, whether for-profit or non-profit, must submit a Letter of Intent by February 7, 2024, to facilitate initial environmental assessments. The final project approval, including the development agreement and loan documents, will be subject to review and approval by the Volusia County Council. Projects must not incur expenses prior to the execution of the formal agreement to ensure reimbursement eligibility. The county retains discretion to award funds to one, multiple, or no applicants, and may request additional information before making awards. This initiative aims to address the affordable housing shortage in Volusia County through strategic financial support, fostering projects that meet the outlined affordability and development criteria.
General Info
Place of Performance
FL, USASet-Aside
Documents
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Timeline
Submission Closed
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