City of Fresno PlanetBids #141363

Fresno Affordable Multifamily Housing Construction Funding Opportunity

This opportunity invites housing development organizations to apply for funding to construct new multifamily affordable rental housing in Fresno, California. - Government Buyer: - City of Fresno Housing Finance Division - Funding & Structure: - $3,934,505 available from the Local Housing Trust Fund as gap financing - Funding provided as a low-interest loan, payable from property residual receipts or as hard debt - Final agreement subject to City Council approval - Project Scope: - New construction of multifamily affordable rental housing - All aspects required: property acquisition, entitlement, environmental clearance, financing, and construction - Housing must be restricted to households with average incomes up to 80% of Area Median Income (AMI) - 55-year affordability covenant required for all affordable units - Eligibility & Requirements: - Open to qualified housing development organizations - No specific OEMs or vendors named; applicants must manage the full development process - Notable Requirements: - Long-term affordability (55 years) - Compliance with local income restrictions (up to 80% AMI) - Comprehensive project responsibility (from acquisition to construction) - No specific products, part numbers, or OEMs are identified in this solicitation.

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 incomes up to 80% Area Median Income. The selected developers will handle all development aspects including property acquisition, entitlement, environmental clearance, financing, and construction. The City proposes to provide $3,934,505 in funding through the 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, a funding agreement subject to City Council approval will be executed.

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