by
<a href="mailto:carls@awcnet.org">Carl Schroeder</a>, <a href="mailto:shannonm@awcnet.org">Shannon McClelland</a> | Jun 05, 2020
The Department of Commerce announced a new funding opportunity for affordable multifamily rental housing projects that are at risk of losing affordability due to the impending expiration of use restrictions.
The Department of Commerce announced a new funding opportunity for affordable multifamily rental housing projects that are at risk of losing affordability due to the impending expiration of use restrictions. Eligible projects cannot be in the Housing Trust Fund (HTF) portfolio.
Applications will be accepted on a first-come, first-served basis starting on July 1, 2020, and until all available funds are exhausted.
The Legislature appropriated $10 million to the HTF during the 2020 legislative session for the preservation of affordable multifamily rental housing that is at risk of losing affordability due to expiration of use restrictions. These restrictions require affordability for low-income households.
The 2020 Affordability Preservation Notice of Funding Availability (NOFA) includes specific information regarding eligibility, funding requirements and priorities, the application process, and significant dates. The NOFA and application materials are available on the Applying to the Housing Trust Fund webpage.