CDBG-DR Multifamily Housing New Construction Gap Funding

Description

The County of Volusia, Office of Recovery and Resiliency, is soliciting proposals for gap funding loans to support the development of affordable, multi-family housing projects or Permanent Supportive Housing (PSH) for the Multifamily New Construction Program supported by the U.S. Dept. of Housing and Urban Development (“HUD”), utilizing funding from sources such as Community Development Block Grant – Disaster Recovery (CDBG-DR). For the purposes of CDBG-DR funds, multifamily housing is defined as five (5) or more units per structure. The projects must be located in the County of Volusia, be CDBG-DR eligible and meet a national objective. The allowable national objectives for the multifamily new construction program activities will be direct benefit to the low-to-moderate income community, and urgent need. The County has CDBG-DR program funds available.This Request for Proposals (RFP) seeks to address the loss of housing stock in Volusia County as a result of extensive damage caused by Hurricane Ian. Public Housing Authorities (PHA), for-profit, and not-for-profit housing developers are encouraged to participate. The available funding must be used as gap funding for larger multifamily developments that have or are expected to have other affordable housing funding sources or significant leveraged private funding.Eligible proposals requesting multifamily development funds must ensure that a minimum of fifty-one percent (51%) of the rental housing units are occupied by households with eighty percent (80%) Area Medium Income or less. Project proposals can include units that are not affordable housing as long as the minimum percent of affordability is met. All affordable units must be for households at or below eighty percent (80%) of the AMI while meeting specific set-aside commitments indicated in this RFP. The maximum funding request for multi-famil