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Nov 23

Menlo Park announces funds available for affordable housing

Posted on November 23, 2020 at 4:32 pm by Clay Curtin

To encourage the development of affordable housing, the City of Menlo Park announces the availability of funds for affordable housing projects. Approximately $10 million in below market rate housing funds are available under this Notice of Funding Availability (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. 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. 

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. 

You can download the NOFA application packet and submit your completed application before the 5 p.m., Friday, January 22, 2021, deadline.

For more information, please contact Deputy Community Development Director Rhonda Coffman.