Site work and new construction of a multi-residential development in Chula Vista, California. Completed plans call for the construction of a multi-residential development; and for site work for a multi-residential development.

Question Deadline 12/09/2024 at 3:00 PM PT Online Q&A Yes The City of Chula Vista is seeking competitive proposals from qualified developers of affordable housing. Eligible applicants are all organizations that meet the threshold requirements established within this NOFA. The objective of this NOFA is to select one or more projects to award loan funds for the construction of multifamily affordable housing. The total funding amount available through this NOFA is a minimum of $4,000,000, with an additional $1,000,000 available on a conditional basis as described below. The City's Low and Moderate Income Housing Asset Fund ("Low-Mod"), administered by the City in its capacity as the successor housing agency to the Redevelopment Agency of the City of Chula Vista ("Successor Agency"), is the source of $4,000,000 in funds. An additional $1,000,000 may also be available through the City's Local Housing Trust Fund ("LHTF") account; this amount is contingent upon the City receiving a matching grant from the California Department of Housing and Community Development ("HCD"). HCD is expected to announce matching grant awards in December 2024. The City intends to pre-commit this $1,000,000 in total LHTF local and matching grant funds, contingent upon successfully receiving the matching funds. Applicants may indicate whether they wish to receive Low-Mod funds, LHTF funds, or both. The requirements for each program are set forth below. After a project or projects are selected, City staff will bring a funding resolution to Council for consideration. The City reserves the right to make a funding recommendation and award in an amount smaller than the amount requested. If Council approves the funding commitment, and after the conditions precedent to closing (identified in Attachment B Term Sheet) have been met, the City and the successful developer(s) will enter into a loan agreement, evidenced by a promissory note. The promissory note shall be secured by a deed of trust unless the City, in its sole discretion, determines that a deed of trust is not practical or reasonably necessary to secure the loan. In connection with the loan, the developer(s) will also enter into a regulatory agreement restricting the use of the property for affordable housing with a permanent supportive housing component. The term of the loan and regulatory agreement shall be fifty-five (55) years. Funds committed shall be disbursed as reimbursements for expenses incurred. The City may authorize all or a portion of funds to be issued as a site acquisition or pre-development loan.