The City of Raleigh announces Funds for Gap Financing Rental Development program.
Donor Name: City of Raleigh
State: North Carolina
Type of Grant: Grant
Deadline (mm/dd/yyyy): 01/21/2022
The City of Raleigh’s Housing & Neighborhoods Department announces the availability of funds under the City’s Community Development Rental Development Program for qualified developers to submit proposals for the new construction or acquisition and/or rehabilitation of multifamily rental units. Rental units assisted with City funds must be affordable to families, individuals and/or the elderly that have annual incomes at or below 80% of the area median income (AMI).
All projects must meet the following minimum requirements to be considered for funding:
- Projects may include the construction of new units, the rehabilitation of existing units or the adaptive re-use of existing structures.
- The property must meet the minimum property standards and all applicable building codes upon completion of construction or rehabilitation. Higher scores will be given to projects that commit to meeting Energy Star requirements or City of Raleigh Rental Development Program better (third party verification required upon completion of construction/rehabilitation).
- Projects must contain at least twenty-four (24) assisted rental units.
- The properties must be located within the City limits of Raleigh or be in process of annexation prior to staff making recommendations to City Council.
- Existing properties should be vacant, presently occupied by low-income families that meet program income requirements or have accounted for in budget for relocation expenses. (NOTE: Tenants cannot be asked to relocate in anticipation of applying for City funds.)
- Projects must have secured site control at the time of application. Staff will review applications that are in the re-zoning process; however, staff will not recommend a loan for approval if the site is not properly zoned for its intended use.
- The property should abide by the City’s Housing Location Policy. Developers should consult the policy during site selection and also be aware of and follow the site requirements and evaluation criteria of the Housing Finance Agency’s QAP. Applicants should contact City staff should they have any questions regarding site locations and desirability. Should a site be chosen that does not meet the Housing Location Policy, developer should also provide backup for why an exception should be considered.
Funds are available to for-profit and non-profit developers or sponsors of rental housing in the form of loans for construction-to-permanent financing.
For more information, visit NOFA.