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This Solicitation opportunity from Florida was posted on May 7, 2024. The submission period has ended. Browse the details below for market research, or find similar active opportunities.

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

Closed
24-P-135MCState & Local

Contract Overview

Solicitation details, issuing organization, response deadlines, documents, and interested companies for this government contract opportunity.

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County of Merced

POSTED

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DEADLINE

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POSTED

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DEADLINE

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FY27 CO 60s045 Full Size 4-Door SUV 4x4 Rebid
Solicitation # 27-494DOT-FINAD-B-54569
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FINADMIN494 - Finance & Administration

POSTED

1 day ago

DEADLINE

in 6 days

AI Contract Overview

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The County of Volusia’s Department of Community Services is seeking proposals for a Local Government Area of Opportunity (LGAO) loan aimed at supporting the development or rehabilitation of affordable multi-family rental housing within the county, excluding Daytona Beach and Deltona. The initiative is primarily funded through State Housing Initiatives Partnership Program (SHIP) funds, with an anticipated loan amount of $460,000, which may be increased if required by Florida Housing Finance Corporation (FHFC) to meet minimum funding thresholds for medium counties. The loan will be structured as a 50-year deferred, forgivable loan with zero interest, contingent upon project approval for Housing Credits financing through FHFC’s 2024-201 RFA process. The selected project must include at least ten SHIP-assisted units, with the number of units scaled based on the total SHIP funds awarded, ensuring at least one SHIP-assisted unit per $50,000 of funding. These units are designated for very-low-income households earning 50% or less of the Area Median Income and will be rent-restricted to remain affordable for a minimum of fifty years. The project’s success hinges on securing Housing Credits, and the funds are intended to promote affordable housing development for the target population within the specified geographic area.

General Info

Place of Performance

FL, USA

Set-Aside

NONE

Documents

3

Attachment A - SHIP Income and Rent Limits

PDF, High priority: read this firstwage-determination
High

RFP 24-P-135MC Local Government Area of Opportunity Loan for Multi-family Rental Housing

PDF, High priority: read this firstrfp
High

Florida Housing Finance Corporation Local Government Verification of Contribution Loan Form

PDF, Low priorityloan-verification-form
Low

AI Contract Breakdown

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Timeline

PhaseClosed
Posted

Solicitation

Response Deadline

Deadline has passed

Submission Closed

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Organization & Contact Information

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AgencyFlorida → Community Assistance
Contacts1 person available
OfficeN/A
Office AddressN/A

Full Description

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The County of Volusia, Department of Community Services, Division of Community Assistance, is soliciting proposals for a Local Government Area of Opportunity (LGAO) loan to support the development of one affordable, multi-family rental housing construction or rehabilitation project. The project must be located in the County of Volusia, excluding the incorporated limits of the cities of Daytona Beach and Deltona. The County anticipates having State Housing Initiatives Partnership Program (“SHIP”) funds available to provide one loan in the amount of $460,000 for one project. If the minimum local government area of opportunity designation funding amount for a medium county required by Florida Housing Finance Corporation (FHFC) is greater than $460,000, the loan awarded will be increased to match the minimum contribution. The award shall be structured in the form of a 50-year deferred, forgivable loan with 0% interest. The loan award will be contingent upon the applicant’s project being approved for Housing Credits (HC) financing by FHFC though Request For Applications (RFA) 2024-201.The awarded project shall provide ten (10) State Housing Initiative Program (SHIP)-assisted units. The awarded project shall provide no less than one (1) SHIP-assisted unit for every $50,000 in SHIP funds provided by the County, therefore if the award is greater than $500,000, the number of SHIP-assisted units must be adjusted. The SHIP-assisted units must serve households with very-low-income [50% or less of the Area Median Income (AMI) adjusted for family size] at rents not to exceed the SHIP or Low Income Housing Tax Credits (LIHTC) rents published annually by the Florida Housing Finance Corporation (FHFC), whichever is more restrictive. The SHIP-assisted units will be restricted to occupancy by very-low income residents for a period of not less than fifty (50) years. 

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