This Solicitation opportunity from Florida was posted on September 11, 2024. The submission period has ended. Browse the details below for market research, or find similar active opportunities.
CDBG-DR Multifamily Housing New Construction Gap Funding
Contract Overview
Solicitation details, issuing organization, response deadlines, documents, and interested companies for this government contract opportunity.
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The County of Volusia's Office of Recovery and Resiliency is seeking proposals for gap funding loans aimed at supporting the development of affordable multi-family housing and Permanent Supportive Housing (PSH) projects through the Multifamily New Construction Program, funded by the U.S. Department of Housing and Urban Development (HUD) using CDBG-DR resources. The program targets projects located within Volusia County that are eligible under CDBG-DR guidelines and serve low-to-moderate income households, with at least 51% of rental units occupied by households earning 80% or less of the Area Median Income. The funding is intended to address housing losses caused by Hurricane Ian, with a total budget of $50 million, and is structured as thirty-year deferred, forgivable loans with zero interest. The maximum per-unit funding is $60,000 for Public Housing Authorities, $35,000 for non-PHA developers, and $75,000 for PSH projects, with the possibility of exceeding these limits on a case-by-case basis. Applicants, including public, for-profit, and non-profit housing developers, must demonstrate that their projects are fully funded through other sources and prioritize proposals that propose 100% repayment of CDBG-DR funds within the affordability period. There are no minimum unit requirements for PSH-only proposals, but all units must meet specific CDBG-DR criteria. The county will review proposals through multiple award rounds, with final approval by the Volusia County Council, which also approves the development agreements and loan documents. Applicants are advised that any pre-award expenditures are ineligible for reimbursement, and the county retains discretion to award funds to multiple, single, or no applicants based on the proposals received. The solicitation deadline is October 17, 2024, and inquiries can be directed to Kathy Williams via email or phone.
General Info
Place of Performance
FL, USASet-Aside
Timeline
Submission Closed
Organization & Contact Information
Full Description
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