City of Menlo Park announces the availability of funds for new affordable rental housing developments in Menlo Park
Approximately $7.8 million in Below Market Rate housing funds is available under this Notice of Funding Availability (NOFA) to support the acquisition, rehabilitation or new construction of housing that will provide long-term affordability. The City of Menlo Park intends for this funding to fill the financing gap between the projected total development costs and other available funding sources.
Qualified developers of affordable housing who can meet the NOFA qualifications and demonstrate their ability to design, build, and manage affordable housing are encouraged to submit proposals. All proposals are due no later than 5:00 pm, Monday, Nov. 2, 2015. Applications submitted after this deadline will not be considered. The City Council will award funding on a competitive basis to those projects that are most successful in addressing the City’s affordable housing needs through the creation of deed-restricted affordable units.
The City is seeking proposals demonstrating:
- an understanding of the community;
- the unique attributes and opportunities of the neighborhood where the project would be located;
- successful experience in developing and managing affordable housing; and
- a commitment to an inclusive and informative public participation process.
You can download the application packet and the deadline to submit your application is Monday, Nov. 2, 2015, by 5:00 pm.
For more information, please contact Senior Planner Deanna Chow.