This NOFA announces the availability of funding from the City of St. Louis Community Development Administration (CDA) to facilitate the new construction or rehabilitation of residential or mixed-use development projects, and provide homeownership assistance to homebuyers purchasing city subsidized homes.
Donor Name: City of St. Louis
State: Missouri
City: St. Louis
Type of Grant: Grant
Deadline: 04/30/2024
Size of the Grant: More than $1 million
Grant Duration: Grant Duration Not Mentioned
Details:
This NOFA only applies to developments located within the City of St. Louis. Bonus points will be awarded for developing CDA-assisted and Land Reutilization Authority (LRA) owned properties.
The City of St. Louis receives an annual allocation of Community Development Block Grant funds (CDBG) and HOME Investment Partnerships funds (HOME) from the U.S. Department of Housing and Urban Development (HUD). CDA administers these programs for the City in an effort to expand the supply of quality affordable housing and to stabilize City neighborhoods through the remediation of blighted areas.
CDBG and HOME Funds may be utilized to assist with development gap subsidy, bridge loan financing, and homebuyer assistance to insure affordability.
Funding Information
The CDA Spring 2024 NOFA hereby solicits applications for residential development of affordable rental and for-sale homes: CDA intends to award up to $6,000,000 in Community Development Block Grant (CDBG) and HOME Investment Partnerships (HOME) funds.
Eligible Activities
- CDBG and HOME funds may be used to acquire, rehabilitate, or construct new affordable for-sale or rental housing that meets the following HUD national objective: Low to moderate income housing (LMH): Primary occupancy by households of individuals and families that meet the HUD income guidelines for low to moderate income.
- CDA will offer gap funding under this NOFA for projects utilizing CDBG and HOME funds. Applicants are responsible for exploring additional funding sources such as bank loans, other grants, state and local tax credits, and Low-income Housing Tax Credits (LIHTC) funding to leverage their proposals. CDA will not award projects that do not have other leveraged funds.
Eligibility Criteria
- Applications supporting affordable for-sale housing (CDBG/HOME), and affordable rental housing will be considered. Private builders, developers, not-for-profit community groups, Community-Based Development Organizations (CBDO), and Community Housing Development Organizations (CHDO) are eligible to apply for CDA financing. Applicants must demonstrate that they have appropriate experience and sufficient financial capacity for the proposed project.
- CDA will fund activities that provide for-sale housing for homebuyers at 80% of the area median income (AMI) or less, and rental housing for tenants at 50% AMI or less with additional Bonus Points for projects targeting those at 30% AMI.
- Ineligible parties:
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- Those on state/Federal debarment lists.
- Entities that have failed to pay City income and/or property taxes in previous years.
- Those who have defaulted on a previous CDA loan, including tax credit bridge loans.
- Projects which the developer plans to occupy as their personal residence.
For more information, visit City of St. Louis.
