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Request for Proposals for Affordable Housing Development <br />June 19, 2018 <br />Page 2 <br />Available program funds may be used for development loans for the following eligible purposes: <br />(1) The purchase of existing multi -family or other buildings for rent or sale to low- and very <br />low-income households and for the development of congregate housing for rent to low - <br />and very low-income persons with special needs (e.g. homeless individuals and families, <br />elderly, persons with a disability). Except for congregate housing, existing buildings shall <br />consist of four or more units, unless the Executive Director finds that a substantial public <br />benefit will be provided by a project consisting of less than 4 units. <br />(2) The purchase or lease of land and buildings for new construction or rehabilitation of <br />housing that may utilize available State and Federal housing assistance programs such as <br />Low -Income Housing Tax Credits, the Section 202 Supportive Housing for the Elderly <br />Program, tax-exempt bond financing, Section 811 Supportive Housing Program, and/or <br />other available State and Federal programs. <br />(3) The development of limited -equity housing cooperatives through either conversion or new <br />construction. <br />(4) The provision of interim loan funds for any of the above purposes prior to the funding of a <br />public or private loan. Eligible development costs for the above uses include, but are not <br />necessarily limited to: <br />a. site acquisition and preparation; <br />b. rehabilitation of dwelling units, common areas and related structures; <br />c. new construction; <br />d. carrying charges and financing fees; <br />e. architectural, legal, and organizational fees; <br />f. temporary or permanent tenant relocation costs; and <br />g. developer fees consistent with the policies described in Section IV below. <br />The available funds for this RFP will be as follows: <br />• Low and Moderate Income Housing Asset Fund (Housing Successor Agency Fund): <br />o $901,317 <br />• HOME Investment Partnerships Program (HOME): <br />o $2,470,651 <br />■ $384,573 of the total funds above must be expended by August 31, 2018 <br />• Community Development Block Grant Program (CDBG): <br />o $1,534,129 <br />• Project -Based Voucher Program (PBV): <br />o 100 Housing and Urban Development (HUD) Veterans Affairs Supportive Housing <br />Vouchers <br />• Neighborhood Stabilization Program (NSP): <br />o $1,239,599 <br />19D-2 <br />