City of Fresno PlanetBids #12601837

City of Fresno Seeks Developers for Multifamily Affordable Rental Housing with LHTF Gap Financing

The City of Fresno is seeking qualified developers for the new construction of multifamily affordable rental housing, supported by Local Housing Trust Fund (LHTF) gap financing. - Government Buyer: - City of Fresno Planning and Development Department, Housing Finance Division - Funding & Project Scope: - Approximately $3,934,505 in LHTF gap financing available as a low-interest loan or hard debt - Funding supports all aspects of development: property acquisition, entitlements, environmental clearance, financing, and construction - Projects must maintain a 55-year affordability covenant for households with average incomes up to 80% of Area Median Income (AMI) - Requirements & Preferences: - Developers must demonstrate experience with similar projects and have site control - Projects must leverage additional funds and comply with City insurance and regulatory requirements - Preference for developments with units accessible to lower income levels and located near amenities and public transit - Emphasis on compliance with federal/state regulations, environmental reviews, and minority business participation - No specific OEMs or vendors are named, as this is a solicitation for development proposals, not procurement of goods

Description

The City of Fresno is soliciting applications from housing development organizations for the new construction of multifamily affordable rental housing restricted to households with average incomes of up to 80% Area Median Income (AMI). The selected developers will be responsible for all aspects of development including property acquisition, entitlement, environmental clearance, financing, and construction. The City proposes to provide $3,934,505 in funding through its Local Housing Trust Fund as gap financing for affordable housing units with a 55-year affordability covenant. Funding will be provided as a low interest loan payable from the property's residual receipts or as hard debt. Upon project selection, the City and developer will enter into a funding agreement subject to City Council approval.

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