Affordable Housing Development Gap Funding PHASE I

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PHASE IThe County of Volusia, Department of Community Services, Division of Community Assistance, is soliciting proposals for gap funding loans to support the development of affordable, multi-family rental housing projects or permanent supportive housing (PSH). The projects must be located in the County of Volusia, excluding the incorporated limits of the cities of Daytona Beach and Deltona. The County has State Housing Initiatives Partnership (&ldquo;SHIP&rdquo;), HOME Investment Partnerships (&ldquo;HOME&rdquo;) and HOME Investment Partnerships &ndash; The American Rescue Plan Act (&ldquo;HOME-ARP&rdquo;) program funds available.This request for proposals (RFP) seeks to address affordable housing needs in Volusia County. A proposal may request funding in one or more sections listed and may request all or a portion of the available funding. Both for-profit and not-for-profit developers are encouraged to participate. The available funding must be used as gap funding for developments that have or are expected to have other affordable housing funding sources.Eligible proposals requesting multi-family development funds must provide a minimum of fifty (50) affordable rental units per project. Project proposals may contain more than fifty (50) units and can include units that are not affordable housing as long as the minimum is met. All affordable units must be for households at or below 80% of the area median income level while meeting specific set-aside commitments indicated in this RFP. The maximum funding request for multi-family development is $60,000 per unit.There is no minimum number of units required for proposals seeking funding for PSH only. All PSH units must be for households that meet HOME-ARP specific requirements indicated in this RFP. The maximum funding request per unit for PSH is $80,000 per unit.The awards shall be structured in the form of 50-year deferred, forgivable loans with 0% interest. The loan awards will be contingent upon the applicant&rsquo;s project being fully funded by all other sources being pursued. Volusia County, in its sole discretion, may choose to award funds to one applicant, multiple applicants, provide funding to none of the applicants, or request additional information or documentation prior to making an award.The approval of the eligible affordable housing project shall be approved by the Volusia County Council. The Volusia County Council shall also approve the written development agreement and related loan documents (&ldquo;Contract&rdquo;) for any eligible project that is awarded. Important Note: Any funds expended by the applicant prior to executing the written rental developer agreement and related loan documents will NOT be eligible for reimbursement.<strong>A Letter of Intent to apply should be submitted to the County by February 7, 2024 via PHASE I of this solicitation. The intent of the letter is to allow the County to begin an initial assessment of environmental factors to expedite the funding approval. See also scope of work, section 4.1,A.</strong>