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
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, USASet-Aside
Documents
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Timeline
Submission Closed
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