The City’s Office of Affordable Housing is seeking applications for the Affordable Housing Trust Fund (AHTF) to support housing solutions to alleviate housing cost burden, housing instability or lack of access to the housing market.
Donor Name: City of Santa Fe
State: New Mexico
City: Santa Fe
Type of Grant: Grant
Deadline: 02/16/2024
Size of the Grant: More than $1 million
Grant Duration: Grant Duration Not Mentioned
Details:
This includes the spectrum of housing need, from unhoused people, those who are precariously/unsuitably housed, those who can’t afford market rate housing options, to those at risk of losing their housing either because of eviction, foreclosure or safety and condition issues.
The primary purpose of the AHTF is to increase and preserve the supply of affordable housing in Santa Fe available to low- and moderate-income residents. The New Mexico Affordable Housing Act determines eligible uses for the fund; eligibility criteria for applicants; and application requirements in order for the disbursement of these funds to be compliant with the State of NM’s Anti-Donation Clause. The New Mexico Mortgage Finance Authority (MFA) is responsible for ensuring compliance with the Act through the Affordable Housing Act Rules (the “Rules”). The NM Affordable Housing Act allows the City of Santa Fe to donate, provide, or pay for the costs of the following:
- Land upon which affordable housing will be constructed;
- An existing building that will be renovated, converted, or demolished and reconstructed as affordable housing;
- The costs of acquisition, development, construction, financing, and operating or owning affordable housing; or
- The costs of financing or infrastructure necessary to support Affordable Housing.
Funding Information
For the FY24-25 year, a balance of $3,877,554 in the AHTF is available. Applications will be reviewed and funding recommendations will be made by the City’s Community Development Commission (CDC). Awards will be based on the applicant’s demonstration of how the proposed project meets the City’s priority to alleviate housing cost burden, housing instability or lack of access to the housing market. This may include the construction, repair, or preservation of housing units or the conversion of structures into affordable housing. The intent is to serve the entire spectrum of housing needs including those who are currently experiencing homelessness, renters, homebuyers, and homeowners.
Eligible Projects
The Housing Trust Fund will make funding available for the following types of affordable housing projects:
- Homeownership assistance
- Development and construction of new affordable housing
- Preservation of existing affordable housing
- Conversion of existing housing to an affordable housing unit
- Retaining an existing affordable unit, rental development, or another special interest project
- Acquisition and rehabilitation of existing housing
- Capitalizing on affordable housing, revolving loan funds that are operated by non-profit housing organizations
- Capital Improvement Projects (CIP) that are City owned and used for affordable housing.
Eligibility Criteria
Funding is available to developers and sponsors of affordable housing, including partnerships, corporations, limited liability companies, joint ventures, public/private partnerships and non-profit organizations that are organized under state, local, or tribal laws and can provide proof of such organization. Eligible applicants must have proven financial capacity and organizational experience to carry out the activities described in the proposal submitted to receive an AHTF allocation.
The MFA Affordable Housing Act Rules require the City of Santa Fe certifies that the applicant is a “Qualifying Grantee”, as defined by the MFA Housing Act Rules prior to approving an award, based on the Applicant Eligibility and Application requirements described in the Submittal Requirements. Specifically the City will certify that it has completed its review of the application; determined that the application is complete; determined that the requirements listed in this document are met. A “Qualifying Grantee” is defined as:
An individual who is qualified to receive assistance pursuant to the Act and is approved by the City of Santa Fe; and
A governmental housing agency, regional housing authority, tribal housing agency, corporation, limited liability company, partnership, joint venture, syndicate, association, or a nonprofit organization that:
- Is organized under State, local, or tribal laws and can provide proof of such organization; and
- Has a functioning accounting system that is operated in accordance with generally accepted accounting principles or has designated an entity that will maintain such an accounting system consistent with generally accepted accounting principles; and
- Has among its purposes significant activities related to providing housing or services to persons of low-to-moderate income; and
- Has no significant outstanding or unresolved monitoring findings from the City of Santa Fe, the MFA, HUD, or its most recent independent financial audit, or if it has any such findings, it has a certified letter from the City of Santa Fe, the MFA, HUD, or auditor stating that the findings are in the process of being resolved; and
- If a non-profit organization, has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual; and
- Is approved by the City of Santa Fe as a “Qualified Grantee” as determined by the submittal of materials required in this solicitation.
For more information, visit City of Santa Fe.
