July 15, 2019
The Sonoma County Community Development Commission (Commission) requests applications for eligible Affordable Housing projects to receive funding from the County Fund for Housing (CFH) loan program. There will be no Low Moderate Income Housing Asset Fund component in this funding cycle. CFH funding is generally available once a year and is available for affordable rental and homeownership projects located in cities/towns as well as in unincorporated areas of the County. It is estimated that there will be $3,000,000 in CFH funds available this year, although the final sum will be established at the Community Development Committee public hearing on October 16, 2019. The interest rate on a CFH loan is 3% unless an alternative is required by other funding sources.
Apply here, or contact Darrin O’Hara at the number and or email listed below. The packet contains:
Please review these materials carefully for important information on project eligibility and application procedures. A Technical Assistance training session is scheduled for July 31, 2019, at 3:00pm at the Commission office. Attendance by any agency or organization considering submittal of a funding application is highly recommended. During the Technical Assistance session, Commission staff will discuss in more detail the minimum application requirements and guiding principles for a project to be considered eligible and recommended for funding. The CFH funding policies further the goals of the County’s General Plan Housing Element, and the Board of Supervisors Strategic Priorities. In accord with the funding policies the Commission has established the top three guiding principles and priorities for this funding cycle. As such, the Commission will recommend awarding funds to the most competitive proposals that best meet the following priorities:
- Projects that demonstrate CFH funds will be leveraged against total development costs at least 7:1
- Projects demonstrating advanced readiness via (a) entitlements; (b) financing commitments; (c) permitting
- Project developers who can demonstrate previous success obtaining federal tax credits and/or state funding to develop housing within the last seven years
- Projects that can demonstrate existing support from other jurisdictions via letters of support, funding commitments, etc.
All applications must be submitted to the Community Development Commission by 2pm by August 23, 2019. CFH applications from eligible project sponsors, including local government and public agencies with proof of tax exempt status, as well as for-profit developers will be considered for funding at a public hearing on October 16, 2019. Applicants MUST attend the public hearing to remain eligible for funding. At the conclusion of the hearing, the Community Development Committee will make funding recommendation to the Sonoma County Board of Supervisors. The Board is expected to consider recommendations and make funding decisions on or about December 3, 2019. Please contact Darrin O’Hara at (707) 565-7522 or Darrin.O’Hara@sonoma-county.org if you have any questions about the application process and requirements, or to receive an application packet.