COM 0560.001 2022-2024 - Laserfiche WebLink

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EXECUTIVE SUMMARY The Office of Housing and Community Development (OHCD) was appropriated $9,000,000 in Fiscal Year (FY) 2022 and another $9,000,000 in FY 2023 for the Affordable Housing Production (AHP) Program. Due to the time it took to develop and approve Administrative Rules and create the electronic application for the program, the appropriations from two (2) fiscal years were combined into one Request for Proposal (RFP). In March 2023, the OHCD held two (2) public meetings to hear the community's views and comments on the needs for affordable housing, which included: • Workforce Housing • Single-family housing • Rental Housing • Multi -family housing The Administrative Rulesproviding the framework for administering the AHP Program were finalized and approved effective April 9, 2023. The OHCD set goals and priorities for the FY 2023-24 funding round: 1. To increase the supply of affordable units by prioritizing new construction or acquisition of land or market units to produce affordable units; 2. To prioritize households earning between 100% and 140% of the Area Median Income (AMI); and 3. To produce affordable rental units with longer-term affordability periods. The Request for Proposal period started on May 1, 2023, and closed on July 31, 2023, for $17,324,559.46 in AHP funds. During this time, the OHCD provided technical_ assistance.to applicants and received twenty (20) proposals, totaling $55,405,685.58 to add/impact 1,609 units. Examples of project proposals include acquisition of property, new construction, infrastructure, rehabilitation, deferred payment loan program, and residential repair loan program. The Selection Committee reviewed, ranked, and rated each proposal and based their scores on the following objectives, along with .how projects aligned with the set goals and priorities: • Project Impact and Delivery • Project Funding and Leverage • Project Readiness • Applicant Qualifications