Orange County is looking for developers to build affordable multifamily housing in five neighborhoods of need, and has more than $3 million available to help fund it, according to a Request for Proposals (RFP) issued this week.
The county has budgeted $3.2 million of Neighborhood Stabilization Program (NSP) loan funding to be used for eligible activities indentified in this RFP.
The NSP was created by the Housing and Economic Recovery Act of 2008 to respond to rising residential foreclosures and property abandonment. The main purpose is to stabilize neighborhoods negatively impacted by foreclosures.
Orange County will typically use NSP funds in the neighborhoods of Pine Hills, Azalea Park, Union Park, Holden Heights/Oakridge and Meadow Woods.
All new apartments assisted with NSP funds must be set aside for very low-income households, with incomes below 50 percent of the area median income. A pre-rated amount of NSP funds over total project cost will be used to determine how many units in a multifamily development must be reserved for low-income renters.
Successful applicants will have 60 days from a Board of County Commissioners approval to execute an agreement. They'll also have 90 days from BCC approval to produce a firm financial commitment from a lender for the project.
Applications are due by Nov. 30 at 2 p.m. to the county's Procurement Division at its Downtown Orlando office.
Complete documents for RFP no. Y18-134-PD can be found at the county's Procurement Division webpage.