2025 Rental Housing - Operations & Maintenance

Pierce County is seeking proposals from owners of affordable housing to provide operating and maintenance funding for housing units that are affordable to very low-income households. The funding will be used to bridge the gap between below market rents and fair market rents, allowing owners to avoid negative cash flow and adequately fund reserves. The proposal should include information on the project's eligibility, financial need, units and households served, and agency track record. The evaluation criteria will include priority needs, financial need and viability, units and households served, and agency track record. • Eligible applicants include non-profit organizations, tax-credit limited partnerships, and mission-aligned for-profit affordable housing developers. • The initial contract period is expected to be 12 months, with the option to extend for an additional 12 months. • The maximum award shall not exceed the difference between fair market rent and actual rent charged to the tenant. • Ineligible units include those receiving project-based Section 8 vouchers or occupied by tenants with tenant-based Section 8 vouchers.