Description
The City of Crescent City is soliciting proposals from qualified affordable‑housing developers or nonprofit organizations to receive PLHA and PIP funding for the 2020‑2023 affordable‑housing plan. Selected awardees will receive a zero‑interest, ten‑year deferred loan (up to $650,000 per project) that may be forgiven if the project continues to serve households earning up to 120 % of AMI. The funding can be used for pre‑development, acquisition, construction, rehabilitation, lease‑up and related soft‑costs. Proposals must be submitted by 30 Oct 2025, with contract execution expected by 18 Nov 2025 and project close‑out by 1 Jun 2030.
• Eligible applicants: affordable‑housing developers or nonprofit entities with demonstrated financial and managerial capacity.
• Funding mechanism: 0 % deferred loan (potentially forgivable) – total pool up to $946,988 (plus estimated $56,111).
• Core requirements: serve households ≤ 120 % AMI, comply with income‑ and rent‑limit tables (Attachment D), submit receipts by 28 Feb 2026, and maintain affordability for at least 55 years.
• Timeline: RFP issued 2 Oct 2025 → questions due 10 Oct → answers 15 Oct → proposal deadline 30 Oct → contract award 17 Nov → execution 18 Nov → work must start within 60 days of execution and be completed by 1 Jun 2030.