Local Government Area of Opportunity Loan for Multi-family Rental Housing

The County of Volusia is soliciting proposals for a $460,000 Local Government Area of Opportunity loan to support the development or rehabilitation of one affordable, multi-family rental housing project located within the county, excluding the cities of Daytona Beach and Deltona. This loan, funded through the State Housing Initiatives Partnership Program (SHIP), is structured as a 50-year deferred, interest-free forgivable loan, contingent upon the applicant receiving housing tax credits from the Florida Housing Finance Corporation through RFA 2026-201, which is anticipated for release in June or July 2026. The project must deliver ten SHIP-assisted units restricted to very low-income households earning at or below 50% of the Area Median Income, with rents capped at the lower of SHIP or Low-Income Housing Tax Credit limits, and these affordability restrictions must be maintained for at least 50 years. Failure to secure FHFC funding will void any conditional award, with funds reallocated to other affordable housing initiatives. Proposals must be submitted electronically by June 10, 2026, and include mandatory documentation such as a W-9, Florida Division of Corporations report, Volusia Human Trafficking Attestation Form, Prohibition Against Contingent Fees Disclosure, and project references. The selected applicant must enter into a binding rental development agreement within 12 months of conditional award, expend all funds within 18 months, and provide occupancy documentation within 24 months, with any pre-agreement expenditures ineligible for reimbursement. The project must comply with federal and state codes, including the Fair Housing Act and Uniform Relocation Act, avoid tenant displacement, and implement a fair housing marketing and management plan. Evaluations will prioritize overall project design, competitiveness in the FHFC RFA process, and the applicant’s demonstrated experience with at least three similar projects completed in the past three years, with Housing Credits experience preferred. The County retains sole discretion to award one project, no project, or request additional information, with award decisions guided by best value and pass/fail criteria tied to responsiveness and responsibility. All obligations are governed by Florida law, with venue specified in Volusia County courts, and compliance with E-Verify requirements and state statutes such as 448.09 and 448.095 is mandatory. The loan will be secured by a promissory note and mortgage, with a recorded declaration of covenants to ensure affordability enforcement