The Division of Housing and Community Development (DHCD) is soliciting proposals to finance the acquisition of rental housing developments to increase housing opportunities that will remain affordable for occupants with incomes below 60% of Area Median Income (AMI) for 42 years.
Donor Name: Division of Housing and Community Development (DHCD)
State: Pennsylvania
City: Philadelphia
Type of Grant: Grant
Deadline: 09/21/2023
Size of the Grant: $50,000
Details:
Funding Information
City funding will be limited to $50,000 per affordable unit, with a $5,000,000 maximum and funding is limited to acquisition costs. There is no funding available for rehabilitation or capital repairs.
Eligible Properties
The goal of this RFP is to support acquisitions of properties that will create a diverse range of affordable rental units. Eligible properties include:
- Existing buildings that currently do not have an affordable housing requirement and will not result in any displacement.
- Existing Low Income Housing Tax Credit (LIHTC) developments that are beyond the initial 15- year LIHTC Compliance Period.
- Proposed developments must contain at least 25 rental units.
- Mixed income developments are permitted but the City’s funding will be limited to the affordable units.
Eligible Applicants
Applicants must be for-profit or nonprofit organizations or partnerships.
For more information, visit DHCD.
