The City of Stockton Economic Development Department has issued a Notice of Funding Availability (NOFA) to announce the availability of approximately $16.1 million in funding from local, State, and Federal funding sources to develop affordable housing projects by eligible affordable housing developers.
Donor Name: City of Stockton
State: California
City: Stockton
Type of Grant: Grant
Deadline: 03/15/2024
Size of the Grant: More than $1 million
Grant Duration: Grant Duration Not Mentioned
Details:
The City of Stockton is seeking project proposals for property acquisition, construction, and/or rehabilitation and conversion resulting in the development of affordable multi-family rental housing projects of 12 units or more. Eligible projects also include construction and permanent financing of homeownership developments with 12 units or more.
Projects must be located within the City of Stockton. The financial assistance provided under this NOFA is intended to provide gap financing to eligible projects.
Up to $16.1 million in funding will be available through the City of Stockton for the development of affordable housing generally targeting households with incomes at or below 80% of the Area Median Income (AMI) as published by the Department of Housing and Urban Development (HUD) and/or the State of California Housing and Community Development Department (HCD).
For more information, visit City of Stockton.