Notice of Funding Availability

The City of Menlo Park announces the availability of funds for affordable housing projects in Menlo Park and seeks responsive proposals. Approximately $10 million in Below Market Rate (BMR) housing funds are available under this NOFA to support the preservation or production of permanent affordable housing. The funding is intended to fill the financing gap between the projected total development costs and other available funding sources.

Qualified developers of affordable housing who meet the NOFA qualifications are encouraged to submit proposals. All proposals must be received no later than 5 p.m., January 22, 2021. Interested parties may submit as an individual entity and/or may collaborate with other entities, so long as the collective group meets the NOFA requirements. Funding will be awarded by the City Council on a competitive basis to
those projects that are most successful in addressing the City’s affordable housing needs. The City is seeking proposals demonstrating: an understanding of the community; the unique attributes and opportunities of the neighborhood where the project will be located; successful experience in developing and managing affordable housing; and a commitment to an inclusive and informative public engagement process. Applicants must have successfully completed prior affordable housing projects. Joint venture partnerships are allowed assuming at least one member of the partnership meets the minimum experience requirement.

Eligible projects include preservation of existing affordable housing, acquisition or new construction of permanent affordable rental or ownership housing for extremely low, very low and low income households. Proposals from organizations that produce affordable housing through the administration of housing programs will also be considered, although BMR housing funds will be primarily limited to direct housing
production (e.g. first time homebuyer program, accessory dwelling unit loan program, acquisition of existing housing, etc.). Development of emergency shelters for the homeless and transitional housing is not eligible because they do not result in permanent affordable housing. Mixed income projects containing both affordable and market rate rental and ownership units are eligible, with only the affordable housing
portion of the project eligible for assistance under this NOFA.

The City will evaluate proposals based on City Council adopted project goals and housing priorities. All proposals will be reviewed for consistency with the Housing Element and the City’s General Plan. There will not be a point system applied to these goals and priorities.


Documents


Notice of Funding Availability and application packet

Apply


Submit your application packet by 5 p.m., January 22, 2021.