Wisconsin Vendornet Platform #26-PLA12

Affordable Owner-Occupied Housing Development Opportunity in Sun Prairie, WI

The City of Sun Prairie Department of Planning is seeking qualified developers to create affordable owner-occupied homes in Sun Prairie, Wisconsin. - Funded by the Sun Prairie Affordable Housing Fund (AHF) - Up to $600,000 total funding available - Maximum $200,000 per unit via 0% interest, long-term deferred loans - Projects must: - Be located within Sun Prairie - Serve households at or below 80% Area Median Income (AMI) - Comply with all state and local building codes - Developer requirements: - Demonstrate site control, project readiness, financial capacity, and affordable housing experience - Minimum 5% equity contribution - At least 75% of City funds spent on capital costs; up to 25% for soft costs (developer fees, permits) - Eligible activities: - New construction or acquisition/rehab of existing units - Notable requirements: - Units must be transferred to owner-occupied status within nine months of completion - Option for permanent affordability via a 99-year Land Use Restriction Agreement (LURA) - Contract term: - Up to two years, with option to extend for one additional year - No specific OEMs or vendors are named, as this is a developer-focused solicitation.

Description

The City of Sun Prairie Department of Planning is soliciting proposals from qualified developers for the creation of new affordable owner-occupied homes. The solicitation involves the development of affordable owner-occupied housing units within the City of Sun Prairie. The funding is provided through a 0% interest, long-term deferred loan program with a maximum amount of $200,000 per unit. Proposals must meet specific eligibility criteria including location, income limits, and project readiness. The contract term is up to two years with an option to extend for an additional year.

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