Funding Available for Affordable Housing Construction, Acquisition and Rehabilitation

A Notice of Funding Availability (NOFA) for Affordable Housing Construction, Acquisition and Rehabilitation has been posted on the County Department of Housing and Community Development (HCD) website at http://www.co.sandiego.ca.us/sdhcd/docs/NOFA_08_22_12.pdf.

In releasing this Notice of Funding Availability (NOFA), the goal of the County of San Diego Department of Housing and Community Development (HCD) is to facilitate construction, acquisition, and rehabilitation of affordable multifamily rental housing for very-low and low income households by providing gap financing at rates below those charged by commercial lending institutions. HCD expects its loans to be leveraged with other resources that may include private equity, loans from lending institutions, and/or funds from federal, State or local programs such as Low Income Housing Tax Credits, Tax-Exempt Multifamily Housing Revenue Bonds, Supportive Housing Program and the State’s Multifamily Housing Program.

Qualified housing developers who can demonstrate their ability to construct, acquire, rehabilitate and maintain affordable housing developments are encouraged to submit an application. Proposed developments must have the proportion of rent restricted units to the total number of units in the project at least equal to the proportion of HCD investment to the project’s total development cost. Unrestricted units are not eligible for subsidy. Restricted units must remain affordable for a minimum of 55 years.

Applications for “veterans”, “senior”, “family” and proposals that will serve “special needs” populations, as well as applications that incorporate energy efficient and/or on-site energy generation components are encouraged.

Applications addressed to “County of San Diego Department of Housing and Community Development, Attn: Community Development Division” will be received at HCD offices, at 3989 Ruffin Road, San Diego, CA 92123 on continuous basis, until further notice. Applications must consist of a signed original and one copy of the complete application packet. Each application must be in a three ring binder with individual tabs identifying the application requirements or attachments. Faxed copies will not be accepted.

By releasing this NOFA, HCD is announcing the funding availability of up to $2.8 million through the U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships (HOME) and programs for affordable multi-family rental housing development located with the Urban County. The Urban County consists of the unincorporated areas of the County of San Diego and the cities of Coronado, Del Mar, Imperial Beach, Lemon Grove, Poway or Solana Beach. Applications for funding outside of these area may be considered if the local jurisdiction commits a substantial financial contribution to the development and the project serves a special needs population.

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