The City of San José Housing Department (CSJHD) invites qualified applicants to submit written proposals for new affordable multifamily rental housing projects that will provide housing for extremely low-, very low-, and low- income individuals and families, with 45% of the funding prioritized for ELI housing.
Donor Name: City of San José Housing Department
State: California
City: San José
Type of Grant: Grant
Deadline (mm/dd/yyyy): 02/09/2022
Size of the Grant: $150,000
Details:
CSJHD is providing gap financing for multifamily affordable housing, including supportive housing, located within the specified Growth Areas. Proposals shall be submitted using the attached Exhibit A – Application Checklist and Application Form.
Available Funds
- CSJHD is making available $150,000,000 for gap financing for multifamily affordable rental housing projects that meet basic threshold criteria. Only new construction projects will be awarded funding under this NOFA. Funding will be provided in the form of a loan for construction and permanent financing, which may also include acquisition costs.
- The funding sources used for these NOFA Awards will include, Low- and Moderate-Income Housing Asset Fund, Affordable Housing Impact Fees, Inclusionary Housing Ordinance In-Lieu Fees, HOME, and Measure E. See Attachment A – City Funding Sources to review the City’s description of the available funding sources for affordable housing, and how those funds may be used.
Funding Information
For this round of the NOFA, the available funds will be distributed as follows:
- Category 1:
- $150,000 per
- 60% AMI unit or below
- Category 2:
- $125,000 per
- 60% AMI unit or below
- Category 3:
- $100,000 per
- 60% AMI unit or below
Eligible Applicants
- Eligible Applicants (Applicants) include non-profit organizations, mission-aligned for-profit housing corporations, joint ventures, limited liability companies, and partnerships.
- Applicants must demonstrate technical capacity and experience in developing, owning, and operating affordable housing projects or partner with an entity that has the required experience. Applicants must demonstrate experience relevant to owning and developing three (3) qualifying affordable rental housing projects.
- If the Applicant has experience developing less than 3 qualifying affordable rental housing projects, the Applicant will be required to partner with a developer that meets the experience requirement. Applicant’s proposal must comply with the Multifamily Underwriting and Compliance Manual (Exhibit B).
For more information, visit Notice of Funding Availability.
