Local Government Area of Opportunity Loan for Multi-family Rental Housing

Volusia County, through its Department of Community Services, Division of Community Assistance, is soliciting proposals for a Local Government Area of Opportunity (LGAO) loan to support the development of an affordable, multi-family rental housing construction or rehabilitation project. The county is offering $460,000 in State Housing Initiatives Partnership (SHIP) Program funds for a 50-year deferred, forgivable loan with 0% interest, contingent upon the developer receiving Housing Credits (HC) financing from the Florida Housing Finance Corporation (FHFC) through RFA 2025-201. The project must be located within Volusia County, excluding Daytona Beach and Deltona city limits, and must provide ten SHIP-assisted units serving very low-income households at 50% or less of Area Median Income. Rents must adhere to SHIP or Low-Income Housing Tax Credit guidelines, with units restricted to occupancy by very low-income residents for a minimum of fifty years. The evaluation criteria will assess respondents across five key areas: overall respondent capacity and experience (25 points), ability to produce affordable housing (25 points), project presentation (15 points), project design and approach (20 points), and competitiveness in FHFC's RFA process (15 points). Proposals are due by October 17, 2025, at 3:01 pm and must be submitted electronically through the county's procurement portal.

Respondents must be for-profit or non-profit entities with 501(c) status, with preferences given to projects demonstrating Priority 1 status, continuous LGAO support, new construction, permit readiness, and potential for Florida job creation. The county will not fund re-financing, loan guarantees, or developer fees, and the project must meet specific requirements including environmental assessment, underwriting standards, and long-term affordability compliance. Successful applicants will need to provide comprehensive documentation, including firm profiles, project descriptions, schematic site plans, project budgets, and detailed information about the proposed development's location, target population, unit configurations, and amenities. The funding commitment is limited to one development per Request for Applications (RFA), with the potential for lower preference in future RFAs. Conditional awards will be void if no Volusia County projects are selected through RFA 2025-201, with funds to be reallocated to other affordable housing activities. The total award amount is $460,000, which may be adjusted if the developer has been awarded other local government contributions.