Local Government Area of Opportunity Loan for Multi-family Rental Housing

The County of Volusia, Department of Community Services, Division of Community Assistance, is soliciting proposals for a Local Government Area of Opportunity (LGAO) loan to support the development of one affordable, multi-family rental housing construction or rehabilitation project. The project must be located in the County of Volusia, excluding the incorporated limits of the cities of Daytona Beach and Deltona. The County has $460,000 in State Housing Initiatives Partnership Program (SHIP) funds available for this loan, which will be adjusted if the developer has been awarded other local government contributions toward the required $460,000. The award shall be structured in the form of a 50-year deferred, forgivable loan with 0% interest. The loan award will be contingent upon the applicant’s project being approved for Housing Credits (HC) financing by FHFC through Request For Applications (RFA) 2026-201.

The awarded project shall provide ten (10) SHIP-assisted units. The units must serve very low-income households at 50% or less of Area Median Income adjusted for family size at rents not to exceed the SHIP or Low-Income Housing Tax Credits rents published annually by the Florida Housing Finance Corporation (FHFC), whichever is more restrictive. The units will be restricted to occupancy by very low-income residents for a period of not less than fifty (50) years. Conditional awards will be void if no Volusia County projects are selected through RFA 2026-201. These funds will be reallocated to other affordable housing activities.

The approval of the eligible develop ment project and authori zation to execute a FHFC Local Government Verification of Contribution - Loan Form committing funds shall be approved by the Volusia C ounty Council. A written rental development agreement and related loan documents ("Contract") will be negotiated and approved for any project ultimately selected for funding through FHFC. Important Note : Any funds expended by the applicant prior to executing the written rental developer agreement and related loan documents will NOT be eligible for reimbursement.

At the time of this solicitation, RFA 2026-201 has not been published by FHFC. The RFA is anticipated to be released in June or July, and due in July or August.

Volusia County, in its sole discretion, may choose to award funds to one applicant, award no funds, or request additional information or documentation prior to making an award.