The City of Cupertino is seeking proposals for its Community Development Block Grant Program.
Donor Name: City of Cupertino
State: California
County: All Counties
Type of Grant: Grant
Deadline: (mm/dd/yyyy) 02/06/2024
Size of the Grant: More than $1 million
Grant Duration: 1 Year
Details:
The City is requesting proposals for eligible capital housing projects. The City may award and appropriate funds to one or more eligible projects in each funding category. Funds must be used to serve low-and/or moderate-income households located within the City of Cupertino jurisdiction limits. The City is not accepting applications for public services due to a two-year grant funding cycle ending in FY 2024/25.
The following funding sources are on a one-year grant funding cycle (24/25):
- Below Market Rate (BMR) Affordable Housing Fund (AHF) Capital Housing Projects (up to $4,250,000)
- Community Development Block Grant (CDBG) Capital Housing Projects (approx. $266,000)
Funding Information
The City estimates up to $4,250,000 will be available to fund eligible BMR AHF capital housing projects on a competitive basis for FY 24/25. BMR AHF funds must be used for eligible housing projects that will serve low and/or moderate-income households located within the City of Cupertino jurisdiction limits.
Project Requirements
BMR AHF capital housing project funds will not be granted or issued as forgivable loans. The City invites eligible non-profit and for-profit Development Entities (DEs) to submit proposals for eligible funding activities, which include, but are not limited to:
- Land acquisition
- New construction
- Acquisition and/or rehabilitation of buildings for permanent affordability
- Substantial rehabilitation
Project Affordability Requirements
BMR AHF affordable rental and/or ownership housing proposals must meet the City’s BMR requirements and offer 99 years of affordability. An affordable regulatory agreement will be recorded against the property to ensure affordability.
Eligible Development Entities (DEs)
Eligible DEs include non-profit and for-profit organizations licensed to conduct business in the State of California.
- DEs must demonstrate credit worthiness, financial capacity, relevant experience to undertake acquisition, rehabilitation, operation of rental housing, or redevelopment of new affordable housing.
- DEs must have no negative financial and project management history within the last five years (i.e., DEs has not been in monetary default on a loan and has been current on all financial obligations and compliance documentation).
For more information, visit City of Cupertino.
