Accessing Funding For New Affordable Housing Projects
The City’s capacity to provide financial assistance for affordable housing projects remains diminished with the continued lack of a permanent funding source to replace redevelopment housing dollars, annually decreasing HOME entitlement levels as a result of federal sequestration cuts, and flat growth in the City’s inclusionary housing revenues even as residential development activity begins to recover from the Great Recession.
The City is interested in seeing that its very limited housing monies are put to the most efficient and productive use in meeting the community’s critical affordable housing needs. While there are insufficient funds at this time for the City to solicit project proposals on a regular basis through a formal Notice Of Funding Availability (“NOFA”) process, the Housing and Career Services Department does evaluate and fund proposals that are submitted anytime throughout the year.
At this time, the City’s priority is to fund projects that are HOME- and/or CHDO-eligible, which target low or very low income households; proposals for projects to be assisted with HOME and/or CHDO funds should be submitted no later than June 1, 2017. It is essential that proposers have a solid and successful affordable housing development track record. Proposals for affordable rental developments should demonstrate long-term experience in operating, managing and maintaining such projects. Other important criteria include site control of the project site, leveraged non-City funding sources, and financial capacity to undertake and complete the project.
Written proposals should include the following:
- A written narrative, typed, not exceeding 4 pages describing the project, the development team, and amount of City funds requested
- Resumes of each development team member
- List of projects developed in last 10 years, including brief description and year of completion
- Project development budget
- Operating pro forma and cash flow analysis (for rental projects)
- Sources and Uses budget
- List of proposed or secured funds committed to the project
- Annual operating budget
- Evidence of site control
- Developer financial statement
This information will enable staff to perform a preliminary review; however, additional information may be required for a full review.
Please submit proposals to:
Housing and Career Services Department
Attn: Jim Wong, Senior Project Manager
649 N. Fair Oaks Avenue, Suite 202
Pasadena, CA 91109-7215