The City of Raleigh’s Housing & Neighborhoods Department announces the availability of funds under the City’s Rental Development Program for qualified developers to submit proposals for the new construction, acquisition, and/or rehabilitation of affordable multifamily rental units.
Donor Name: City of Raleigh
State: North Carolina
City: Raleigh
Type of Grant: Grant
Deadline: 01/24/2025
Size of the Grant: More than $1 million
Details:
The Department is offering $15 million in Rental Development Program gap financing to support Low-Income Housing Tax Credit (LIHTC) and other affordable rental development projects and invites qualified developers to submit applications for the new construction and/or rehabilitation of affordable multifamily rental housing. As a gap financing program, City funds are intended to serve as a subordinate mortgage and not to provide the primary funding for the development project.
Eligible Projects
All projects must meet the following minimum requirements to be considered for funding:
- Projects may include the construction of new units, the rehabilitation of existing units or the adaptive re-use of existing structures.
- The property must meet the minimum property standards and all applicable building codes upon completion of construction or rehabilitation. New construction residential buildings must achieve ENERGY STAR Multifamily New Construction certification as required by the NCHFA Qualified Allocation Plan (QAP).
- Projects must contain at least 24 rental units.
- The properties must be located within the City limits of Raleigh or be in process of annexation prior to staff making recommendations to City Council.
- Existing properties should be vacant, presently occupied by low-income families that meet program income requirements or have relocation expenses accounted for in budget. (NOTE: Tenants cannot be asked to relocate in anticipation of applying for City funds.)
- Projects must have secured site control at the time of application. Staff will review applications that are in the re-zoning process; however, staff will not recommend a loan for approval if the site is not properly zoned for its intended use.
- The property must abide by the City’s Affordable Housing Location Policy. Developers should consult the policy during site selection and be aware of and follow the site requirements and evaluation criteria of NCHFA’s QAP. Applicants should contact Department staff should they have any questions regarding site locations and desirability. Exceptions to the Affordable Housing Location Policy may be considered on a case-by-case basis but are not standard practice.
- The City encourages participation by certified minority and women-owned businesses. The City has a goal of 15% minority and women owned business participation in projects. The organization or individuals applying should endeavor to make a good faith effort to achieve this goal and should include documentation with their proposal that addresses these criteria.
For more information, visit City of Raleigh.
