The city of Akron is seeking proposals for projects that will create new affordable housing, specifically plans that would involve tax-credit financing for low-income homeowners.
Through a special allocation of the HOME Investment Partnership Program through the American Rescue Act, the funds will provide gap financing for projects creating new housing for people experiencing homelessness or who are at risk of homelessness, according to an April 27 news release.
“The city is also making available funding through the HOME Investment Partnership Program for developments that will provide affordable housing for low- and moderate-income households,” the city said. “HOME Program awards will be limited to $500,000 per project. ”
The city’s request for proposals, applications and supplemental materials can be found online here: https://tinyurl.com/AffordableHousingRFP under the HOME Investment Partnership Program section. The city said applications for both proposal requests will be gauged on their ability to leverage city funds with other financing sources.
Submissions are due May 22.
According to its news release, the city is seeking proposals that:
The city’s goals is creating “affordable, safe, quality housing units in Akron, particularly for our most vulnerable residents,” said Akron Mayor Shammas Malik in a prepared statement. “These funds enable affordable housing developers to compete for other sources of funding and bring additional investment to our housing stock, aligning with our Living Together goal of creating stable housing and vibrant communities.”
Contact reporter Derek Kreider at DKreider@Gannett.com or 330-541-9413.
This article originally appeared on Akron Beacon Journal: Akron puts out call for housing plans that could use a funding boost
Reporting by Derek Kreider, Akron Beacon Journal / Akron Beacon Journal
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