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

Description

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 has $460,000 in State Housing Initiatives Partnership Program (SHIP) funds available for this loan, which will be adjusted if the developer has been awarded other local government contributions toward the required $460,000. 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&rsquo;s project being approved for Housing Credits (HC) financing by FHFC through Request For Applications (RFA) 2025-201.The awarded project shall provide ten (10) SHIP-assisted units. The units must serve very low-income households at 50% or less of Area Median Income adjusted for family size at rents not to exceed the SHIP or Low-Income Housing Tax Credits rents published annually by the Florida Housing Finance Corporation (FHFC), whichever is more restrictive. The units will be restricted to occupancy by very low-income residents for a period of not less than fifty (50) years. Conditional awards will be void if no Volusia County projects are selected through RFA 2025-201. These funds will be reallocated to other affordable housing activities.The approval of the eligible develop<