Yuba County Opengov #RFP-2022-23PLHA

Yuba County PLHA financing for affordable rental and ownership housing

Yuba County is offering PLHA loan funding to support affordable rental and ownership housing in unincorporated areas of the county. - Government buyer: Yuba County, through its Community Development and Services Agency, Planning Division; the County of Yuba is the lender. - Funding and financing: $391,514 total, comprising $212,182.50 from PLHA 2022 funds and $179,331.50 from PLHA 2023 funds. Loans are fully deferred, bear 3% simple annual interest, and are secured by a deed of trust and regulatory agreement; interest increases to 5% compounded annually after default, and payments are based on the County’s prorated share of residual receipts. - Requested services: For-profit or nonprofit housing developers may propose predevelopment, development, acquisition, rehabilitation, or preservation of affordable rental and/or ownership housing, including accessory dwelling units (ADUs). No specific unit count, property, or borrower is identified. - Affordability requirements: Projects must serve residents earning no more than 120% of Area Median Income. At least 40% of the funding, or $156,605.60, must support ownership housing, and PLHA funds may support no more than four rental units per project. ADUs must be available for occupancy for at least 30 days. - Loan and project obligations: The loan and affordability restrictions run for 55 years, with annual County monitoring. Predevelopment or acquisition funding must result in housing development, rehabilitation, or preservation. - Project delivery: New construction must be completed within four years of the funding award, acquisition/rehabilitation within two years, and rehabilitation-only projects within 18 months. All funds must be expended by the program’s stated expenditure deadline. - Proposal considerations: Applicants should demonstrate qualifications, a project concept and schedule, financial feasibility, site control, community outreach, and operating capacity. Proposals must address applicable licensing, insurance, bonding, accessibility, and affordability requirements. Priority populations include seniors and older adults, people with disabilities, and families, including large families; supportive services and partnerships may receive added consideration. - OEMs and vendors: No product manufacturers, OEMs, or private vendors are named. The named public entities are Yuba County and the County of Yuba.

Description

Yuba County seeks proposals from for-profit and nonprofit housing developers to use its 2022 and 2023 Permanent Local Housing Allocation (PLHA) funds as gap financing for affordable rental and ownership housing in unincorporated Yuba County. Proposed housing must serve residents earning up to 120% of Area Median Income, and eligible uses include predevelopment, development, acquisition, rehabilitation, and preservation, including accessory dwelling units. The available funding totals $391,514 and will be provided as a fully deferred, low-interest loan with a 55-year term, secured by a deed of trust and subject to a 55-year regulatory agreement. At least 40% of each funding source must be allocated to ownership housing, and PLHA funds may support no more than four rental units across the project.

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