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

The County of Volusia 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 $460,000 in State Housing Initiatives Partnership Program (SHIP) funds available for this loan. The loan award will be contingent upon the applicant’s project being approved for Housing Credits (HC) financing by the Florida Housing Finance Corporation (FHFC). The awarded project shall provide ten (10) SHIP-assisted units, serving very low-income households at 50% or less of Area Median Income. Some key points to consider: * The loan is a 50-year deferred, forgivable loan with 0% interest. * The project must be completed within 18 months of the date of the written agreement. * The applicant must provide documentation of occupancy of the SHIP-assisted units within 24 months of the date of award. * The County reserves the right to reject any or all proposals received as a result of this solicitation.