Local Government Area of Opportunity Loan for Multi-family Rental Housing

The County of Volusia, Department of Community Services, Division of Community Assistance, is soliciting proposals for a Local Government Area of Opportunity (LGAO) loan to support the development of one affordable, multi-family rental housing construction or rehabilitation project. The project must be located in the County of Volusia, excluding the incorporated limits of the cities of Daytona Beach and Deltona. The County has State Housing Initiatives Partnership Program (“SHIP”) funds available to provide one loan in the amount of $460,000 for one project. If the minimum local government area of opportunity designation funding amount for a medium county required by Florida Housing Finance Corporation (FHFC) is greater than $460,000, the loan awarded will be increased to match the minimum contribution. The award shall be structured in the form of a 20-year deferred, forgivable loan with 0% interest. The loan award will be contingent upon the applicant’s project being approved for Housing Credits (HC) financing by FHFC though Request For Applications (RFA) 2023-201. The awarded project shall provide ten (10) State Housing Initiative Program (SHIP)-assisted units. The awarded project shall provide no less than one (1) SHIP-assisted for every $50,000 in SHIP funds provided by the County, therefore if the award is greater than $500,000, the number of SHIP-assisted units must be adjusted. The SHIP-assisted units must serve households with very-low-income [50% or less of the Area Median Income (AMI) adjusted for family size] at rents not to exceed the SHIP or Low Income Housing Tax Credits (LIHTC) rents published annually by the Florida Housing Finance Corporation (FHFC), whichever is more restrictive. The SHIP-assisted units will be restricted to occupancy by very-low income residents for a period of not less than twenty (20) years. The loan is available for eligible affordable, multi-family rental projects applying in Request for Application (RFA) 2023-201 application process administered by the FHFC for Housing Credits. If no projects are selected for Volusia County through RFA 2023-201, these funds will be reallocated to other affordable housing activities. Any conditional awards made as a result of this solicitation will be considered null and void at the time of FHFC RFA 2023-201 award notification if no projects are selected for Volusia County. The approval of the eligible develop ment project and authori zation to enter into a commitment letter and execute required FHFC forms shall be approved by the Volusia C ounty Council. The Volusia County Council shall also approve the written rental development agreement and related loan documents (“Contract”) for any eligible project that is ultimately selected for funding through FHFC. Important Note : Any funds expended by the applicant prior to executing the written rental developer agreement and related loan documents will NOT be eligible for reimbursement. Volusia County, in its sole discretion, may choose to award funds to one applicant, provide funding to none of the applicants, or request additional information or documentation prior to making an award.