In conformance with established City policies and procedures, the City of Tacoma and its public development authority, Tacoma Community Redevelopment Authority (TCRA), are accepting applications from private and non-profit developers seeking financing to construct or rehabilitate affordable housing in Tacoma.
Donor Name: City of Tacoma
State: Washington
City: Tacoma
Type of Grant: Grant
Deadline (mm/dd/yyyy): 05/27/2022
Size of the Grant:
Grant Duration:
Details:
The primary objective of the available funding is to expand opportunities for safe, healthy and affordable housing for low-income individuals and households.
Funding will support the following:
- Construction of new multi-family rental or homeownership housing for low-income households
- Acquisition of existing multi-family rental or homeownership housing for low-income households
- Assistance for low-income, first-time homebuyers
- Public right-of-way infrastructure improvements that are directly related to the development of affordable housing
Geographic Location
Activities must take place within the Tacoma city boundaries to be eligible for funding.
Population Served
Funding must support housing for low-income households. The U.S. Department of Housing and Urban Development (HUD) defines low-income household as meaning a single person, family or unrelated persons living together whose adjusted gross annual income is eighty percent (80%) or less of the area median household income (AMI), adjusted for household size. Local funding sources require serving lower AMI households. HB1590 funds must serve 60% AMI and lower. HB1406 funds and General Fund contributions within the Affordable Housing Fund must serve 50% AMI and lower.
Affordability Requirements
All projects awarded funding will be subject to affordability requirements intended to keep the supported housing units affordable for low-income Tacoma households for a period of 5 to 50 years, depending on the level of funds requested and the type of project the funds will support.
Multi-Family Rental Projects
- Eligible tenants: All tenants residing in rental housing units assisted with funds made available through this NOFA must have a gross annual household income at or below 80 percent (80%) of Area Median Income at initial occupancy for HOME-assisted units, sixty percent (60%) of Area Median Income for HB 1590-assisted units or fifty percent (50%) of Area Median Income for HB 1406-assisted units, depending on the funding source. Tenant income shall be verified annually thereafter.
- Maximum allowable rents: The rents charged to tenants in units assisted with funds made available through this NOFA cannot exceed the applicable program rents less the utility allowances. The rent limit requirements for the HOME program are outlined below under subtitle F. Rent Limits and Affordability.
- Tenant leases: Tenants must have a lease with the owner of the property. All leases, regardless of the capital funding source, must comply with HOME program requirements in addition to Washington State Landlord Tenant Law.
- Ongoing affordability: Owners must lease the affordable units assisted with funds made available through this NOFA to eligible tenants for the relevant period of affordability. The period of affordability requirements are outlined in Section XVII: TCRA Terms and Conditions.
Single-Family Homeownership Projects
- Eligible homebuyers: All homebuyers purchasing homes assisted with funds provided through this NOFA must have a gross annual household income at or below eighty percent (80%) of Area Median Income.
- Maximum sales price: The maximum sales price for single family homes assisted with funds made available through this NOFA is based on ninety-five percent (95%) of median sales price for homes in Tacoma. Currently those limits are:
- For existing housing, the sales price cannot exceed $342,000.
- For newly constructed housing the sales price cannot exceed $423,000.
- Principal residence: Homebuyers who purchase homes assisted with funds made available through this NOFA must reside in the home as their primary residence for the relevant minimum period of affordability. The period of affordability Requirements for HOME projects are outlined in Section XVII: TCRA Terms and Conditions.
For more information, visit City of Tacoma.
