$10 million Available For Affordable Housing Development in Orange County
$10 Million in Funds Announced to Help Create New Affordable Rental Housing
(Santa Ana, CA) -- The County of Orange Housing & Community Development Department is issuing a Notice of Funding Availability (NOFA) for $10 Million in funds to be used for the development of affordable rental housing. The NOFA will open June 22, 2001 and close December 28, 2001, or when all money is committed. The NOFA is first come, first serve. Preference will be given for new construction over rehabilitation of properties and assisted units must be affordable to individuals and families whose income does not exceed 60% of the area median income (AMI). Incomes for developments targeting seniors or disabled must not exceed 50% of the AMI. Preference will also be given to developments that target families and individuals with an income less than 30% AMI and eligible projects include permanent and transitional housing. This NOFA is a continuation of the County?s efforts to address the need for more affordable housing opportunities for residents and follows the approval of 665 new units by the Board of Supervisors over the last year.
The NOFA is an opportunity for developers to gain additional subsidy of units through partnering with the County and receiving low interest loans. The amount of subsidy depends on the location of the development, with emphasis on development in the unincorporated areas followed by participating cities. The County will act as a permanent lender and project underwriting will be based on the applicant?s proposal and oral interview. Submitted projects will undergo a threshold review by H&CD staff and completed applications will be recommended to a Project Advisory Committee (PAC) for further consideration. If recommended by PAC, staff will underwrite the project and recommend funding amounts. PAC will then make recommendations to the Board of Supervisors.
"We've built a solid process for recommending affordable housing developments," stated Paula Burrier-Lund, H&CD Director. "The creation of more affordable housing opportunities for Orange County residents improves the County?s economic vitality and assists working families and seniors. Affordable housing is a win for Orange County!"
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For more information contact:
Orange County Housing and Community Development Dept.
1770 N. Broadway