Affordable Housing Development Funding

The County of Volusia, Department of Community Services, Division of Community Assistance, is soliciting proposals for funding loans to support the development of affordable, multi-family rental housing projects or permanent supportive housing (PSH). The projects must be located in the County of Volusia, excluding the incorporated limits of the cities of Daytona Beach and Deltona. The County has State Housing Initiatives Partnership (“SHIP”), HOME Investment Partnerships (“HOME”) and HOME Investment Partnerships – The American Rescue Plan Act (“HOME-ARP”) program funds available.

This request for proposals (RFP) seeks to address affordable housing needs in Volusia County. A proposal may request funding in one or more sections listed and may request all or a portion of the available funding. Both for-profit and not-for-profit developers are encouraged to participate.

Eligible proposals requesting multi-family development funds must request funding for no less than ten (10) affordable rental units per project. Project proposals may contain more than ten (10) units, may contain units that are not included in the funding request, and can include units that are not affordable housing as long as the minimum is met. All affordable units must be for households at or below 80% of the area median income level while meeting specific set-aside commitments indicated in this RFP. The maximum funding request for multi-family development is $50,000 per unit.

There is no minimum number of units required for proposals seeking funding for PSH only. All PSH units must be for households that meet HOME-ARP specific requirements indicated in this RFP. The maximum funding request per unit for PSH is $80,000 per unit.

The awards shall be structured in the form of 50-year deferred, forgivable loans with 0% interest. The loan awards will be contingent upon the applicant’s project being fully funded by all other sources being pursued. Volusia County, in its sole discretion, may choose to award funds to one applicant, multiple applicants, provide funding to none of the applicants, or request additional information or documentation prior to making an award.

Volusia County Council shall approve funding for affordable housing projects. Any projects that are awarded will include a written development agreement, mortgage, note and restrictive covenants (“Contract”). Important Note: Any funds expended by the applicant prior to executing the written rental developer agreement and related loan documents will NOT be eligible for reimbursement. Any federal funds (HOME or HOME-ARP) recommended for award will be considered conditional until an environmental review is completed and HUD issues an Authority to Use Grant Funds, prior to that issuance no acquisition or construction can occur.