The Housing Authority of the City of Santa Rosa has announced a funding opportunity for approximately $3.7 million of local funds generated by the City of Santa Rosa for developers of affordable housing.
The funds are targeted to developers who are pursuing California Multifamily Housing Program (MHP) funds or 9% Tax Credits for new affordable housing in Santa Rosa.
This annual process, known as a Notice of Funding Availability (NOFA), is accelerated to enable affordable housing developers the opportunity to secure local funds to make their state funding applications more competitive. Applications for this opportunity are due by April 26, 2019.
The Housing Authority will meet in June 2019, prior to the state deadlines to determine funding awardees. Applications will be considered for all or a portion of the funds.
Criteria for award selection includes project readiness, financial feasibility, qualifications of the development team and other factors as well as the ability to submit a competitive 9% Tax Credit application in the State’s July 2019 funding round or a competitive MHP application in the June 2019 funding round.
The Housing Authority oversees the Santa Rosa Housing Trust, which partners with many private and public sector organizations to develop, rehabilitate, and preserve affordable housing and to convert market rate housing to affordable housing. The Trust has sponsored over 3,700 units in Santa Rosa, representing over $116 million invested in affordable housing in Santa Rosa.