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 anticipates having State Housing Initiatives Partnership Program (&ldquo;SHIP&rdquo;) 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&rsquo;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.<span data-ccp-props="{&quot;335551550