Multi-Family Rental Loan Program
Multi-Family Rental Requests for Proposals
Affordable Multi-Family Rental Request for Proposals
This Request for Proposal (RFP) is to invite experienced, affordable multi-family developers, who intend to apply for the Florida Housing Finance Corporation (FHFC) Request for Applications (RFA) 2023-202, to apply for the local government funding contribution. The local government funding contribution loan amount for the City of St. Petersburg (City) shall be set at $610,000 for the RFA application process. All loans shall be at 0% interest and secured by a promissory note and mortgage.
Apply by July 21, 2023, at 5 p.m.
ARPA-SLFRF Multi-Family Requests for Proposals - Currently Closed
The City of St. Petersburg is a recipient of American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF) from the U.S. Department of Treasury. After holding a series of three community input meetings and receiving public input, the City has allocated $34,303,505 for Housing Affordability and Support. Within the Housing Affordability and Support category, $16,500,000 has been reserved for use toward the development of affordable multi-family rental housing units that meet the criteria contained within the ARPA SLFRF Final Rule.
In addition, the City is allocating $3,500,000 of local HCIP funding towards this RFP and receives HOME Investment Partnership Program (HOME) funds from the U.S. Department of Housing and Urban Development (HUD), and State Housing Initiatives Partnership (SHIP) funding from the State of Florida that may, at the discretion of the City be added to the funds awarded in order to best utilize the City’s housing resources.
Requests For Proposals
The City is requesting proposals from experienced affordable housing developers who will agree to provide multifamily units for low to moderate-income households within the city limits of St. Petersburg, FL. Proposals will be accepted from for-profit and not-for-profit developers for the construction of new units. Priority will be given to developments that already have site control with current zoning approvals for the proposed number of units contemplated and have received an invitation to credit underwriting by the Florida Housing Finance Corporation (FHFC).
Funding may be provided as either a grant or a deferred payment loan. In accordance with Treasury Guidance found in Treasury FAQ, for loans proposed with maturities longer than December 31, 2026, the developer must estimate the cost to the City of extending the loan over the life of the loan and may use ARPA SLFR funds toward the projected cost of the loan. The developer should provide a net present value calculation using a 5.5% discount rate as part of the proposal so that the City can analyze the estimated amount of non ARPA SLFR funding that will be required to be committed to cover the portion that Treasury may not consider as the cost of the loan.
If the applicant is awarded HCIP, HOME or SHIP funding in addition to the ARPA funds, the applicant will be required to comply with all applicable City, County, State, and HUD/Federal requirements including environmental reviews, Section 3, and the Davis Bacon Act in addition to the 2 CFR 200 requirements which are applicable for ARPA SLFRF.
Submit an RFP
Proposals were required to be submitted by June 30, 2022. The submittal period has expired.