The City of Vancouver is excited to announce the opening of the 2024 Affordable Housing Fund (AHF) application to support affordable housing in the community.
Donor Name: City of Vancouver
State: Washington
City: Vancouver
Type of Grant: Grant
Deadline: 03/01/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The AHF is the city’s largest local resource for affordable housing, providing flexible financing for new unit development, preservation of affordable units, rental assistance, and homelessness assistance for households with very low-income (earning up to 50% of area median income). AHF can also be used to support homeowners or first-time homebuyers who earn low-income (up to 80% of area median)
With this local funding, the City’s main objectives are to:
- Create and preserve affordable homes for residents earning 50% of area median income or lower, promoting housing opportunity and choice throughout Vancouver;
- Contribute to efforts to end homelessness by providing housing and services for individuals and families who are homeless or at risk of homelessness;
- Collaborate with nonprofit and for-profit developers and agencies to promote a variety of housing choices, including units in mixed-income developments; and
- Leverage City investments with other funding sources to maximize the number of quality affordable housing units that are created or preserved each funding cycle.
Project Types
The AHF primarily serves households that earn up to 50% of area median income (AMI) with a preference for seniors, people who are homeless, families with children and people with special needs. A portion of AHF funding is set aside for homeownership opportunities for households earning up to 80% AMI. The AHF may be used for the following project types:
- Housing Production and Preservation for Units Affordable to Tenants with Very Low Income (50% AMI)
- Construction of new affordable rental housing
- Acquisition of land or property for affordable housing development
- Incentives to property owners to convert existing market-rate units to affordable units
- Rehabilitation of existing affordable housing to correct health, safety, and livability problems
- Funding publicly subsidized projects (e.g., tax credit project) with expiring affordability periods to ensure continued affordability
- Rental Assistance and Housing Services for Households Earning Very Low Income (50% AMI)
- Rental assistance including rent, rental arrears, application fees, security deposits, utilities in conjunction with rental assistance
- Other housing stabilization services including and housing stabilization assistance (costs related to obtaining or maintaining employment to remain stably housed)
- Temporary Shelter
- Building, maintaining, and/or operating shelters serving people who are experiencing homelessness
- Motel voucher programs that provide temporary overnight shelter
- Rapid rehousing or other homeless housing
- Homeownership Assistance for Households Earning Low Income (80% AMI)
- Basic repairs and accessibility improvements for homeowners
- Development or acquisition of homes affordable to people with low income
- Funding for foreclosure assistance to homeowners with low income.
Funding Information
Project Types/Funding Limits
- 50% AMI rental unit production: $75,000
- 50% AMI rental unit preservation: $40,000
- 30% AMI rental unit production: $105,000
- 30% AMI rental unit preservation: $55,000
- Group home/shared living per bed: $25,000
- Temporary shelter production or preservation per bed: $25,000
- 80% AMI homeownership assistance per household:$75,000
Eligible Project Costs
Eligible project costs include, but are not limited to:
- Pre-development costs
- Appraisals
- Case management to stabilize residents
- Closing costs
- Construction, including sales tax
- Professional services
- Property purchase/acquisition
- Rental assistance
- Housing stabilization assistance
- Insurance
- Interest
- Financing fees
- Rent buy-down
- Replacement reserves.
Eligibility Criteria
Nonprofit agencies, for-profit firms and private property owners may apply for funds. Applicants for Housing Production & Preservation must demonstrate (or have partners that demonstrate) experience developing, owning, and/or managing multifamily housing.
For more information, visit City of Vancouver.
