NOTICE OF FUNDING AVAILABILITY (NOFA)
Addendum No. 1 to NOFA HED.2023.5
The Palm Beach County Board of County Commissioners (BCC), through the Department of Housing & Economic Development (HED) hereby announces the availability of $4,000,000 in State Housing Initiative Partnership (SHIP) funding under the Developer Rental Assistance Program to not-for-profit organizations for the acquisition of existing multifamily rental housing, with or without rehabilitation.
HED began accepting applications for funding on
January 8, 2024 at 9:00 a.m. at the HED offices located at 100 Australian Avenue, Suite 500, West Palm Beach, FL 33406. Applicants will be funded on a first-come/first-eligible/first-funded basis.
Applications will continue to be accepted up until all SHIP funding has been awarded to eligible projects.
A virtual technical assistance workshop was held on Monday, December 11, 2023 at 10:00 am. The slide presentation is listed below:
Presubmittal Workshop Slide Presentation
ELIGIBLE PROJECTS:
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Eligible projects are limited to acquisition, with or without rehabilitation, of existing multifamily residential properties.
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Multifamily Housing is defined as three (3) or more residential units located on a single property under common ownership.
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Properties cannot currently bear affordability requirements of any federal, state, or local program.
Properties may be occupied, however current tenants must meet income eligibility requirements. Projects which will result in displacement are not eligible for funding.
Single-family housing, emergency shelters, group homes, single-room occupancy housing, and units within a condominium complex are not eligible for funding. Homeownership projects are not eligible for funding.
Property acquisitions are subject to satisfactory appraisal, title, environmental review, and other County due diligence.
SHIP funds must be expended and units occupied by SHIP eligible beneficiaries no later than June 1, 2024.
AVAILABLE FUNDING:
A total of up to $4,000,000 in County funds is available under the SHIP Developer Rental Assistance Program. The funding will be in the form of an interest-free loan with a thirty (30) year term. All loan principal must be repaid. SHIP maximum loan to value (LTV) will be ninety percent (90%). The SHIP loan will take a senior position over any loan of smaller amount. Should the borrower default on conditions of the loan during the term of the loan, the full amount of principal will become due and payable.
The County will disburse loan funds for acquisition and related costs directly to the closing agent at time of acquisition closing. Loan funds for rehabilitation and related costs will be disbursed to the borrower on a reimbursement basis, after work has been performed and the borrower has made payment in full to the contractor/vendor. Borrowers are cautioned of the necessity to maintain sufficient operating capital during the development phase to carry the project through the County's reimbursement process.
ELIGIBLE APPLICANTS:
Eligible applicants for funding through this NOFA are limited to 501(c)(3) not-for-profit organizations and wholly-owned subsidiaries and affiliates of not-for-profit organizations.
AFFORDABILITY REQUIREMENTS:
All housing units within the project will be considered SHIP-assisted. Up to twenty percent (20%) of housing units within the project may serve households with incomes no greater than one hundred forty percent (140%) of the Area Median Income (AMI). No less than eighty percent (80%) of the housing units within the project must serve households in income groups no greater than eighty percent (80%) AMI.
Projects are subject to an affordability period of no less than thirty (30) years. During the affordability period, rents and/or fees charged to tenant households/residents shall not exceed the applicable rent limits. Rent limits are subject to annual adjustment.
MAXIMUM PER UNIT SUBSIDY/LEVERAGING:
The maximum allowable SHIP funding is $300,000 per housing unit. A minimum ten percent (10%) equity contribution from other non-County development sources is required. Applicants must document commitments from all other sources of development funding, as well as from sources of any necessary operating subsidy.
LOCATION:
Projects may be located within any municipal or unincorporated area of Palm Beach County.
IMPORTANT DEADLINES: The following deadlines will be strictly adhered to:
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Applications were accepted starting Monday, January 8, 2024 at 9:00 am.
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Applications will continue to be accepted until all funding has be awarded.
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Funded projects must be completed and occupied by eligible beneficiaries no later than June 1, 2024.
The funding application (Exhibit B) is located here. You can download the pdf version or the MS Word version.
Application Versions: PDF Word (Cover Sheet) (Project Application)
Este aviso y los documentos a los que se hace referencia en este documento están disponibles en español y hay servicios de traducción disponibles. Comuníquese con HED al (561) 233-3600.
Avi sa a ak dokiman referansye yo disponib nan lang panyòl, ak sèvis tradiksyon ki disponib. Kontakte HED nan (561) 233-3600.
IN ACCORDANCE WITH THE AMERICANS WITH DISABILITIES ACT (ADA), THIS AD AND DOCUMENTS LISTED ABOVE MAY BE REQUESTED IN AN ALTERNATE FORMAT. PLEASE CONTACT HED AT (561) 233-3600.