NOFA Developer Informational Meeting

Transcription

1 NOFA Developer Informational Meeting July 11, 4:00 5:00 PM I Meeting Overview MEETING PURPOSE The Redevelopment Agency of Salt Lake City (RDA) hosted an informational meeting on the Notice of Funding Availability (NOFA) for affordable housing. The purpose of the meeting was to: 1. Provide an overview of the application, requirements, and selection process of the NOFA. 2. Provide a forum for developers and community partners to ask questions on the NOFA MEETING SUMMARY A summary of the meeting content is as follows: 1. NOFA Overview Please refer to Attachment A: NOFA Overview. 2. Question and Answer Discussion a. Question: What are eligible project types? Response: New construction, significant rehabilitation, and adaptive reuse. b. Question: If a project is already under construction, is it eligible to receive funding? (i.e. the project has incurred cost overruns) Response: While funding is intended to for projects that are in the pre-development or pre-construction phase, applications for projects already under construction will be considered. b. Question: Will funding be provided only in the loans or are grants available? Response: The RDA intends that this funding be provided in the form of low-cost financial assistance (i.e. deferred payment or cash flow loans) that is eventually returned to be reinvested in future affordable housing projects. However, if a project has extenuating circumstances or provides a high public benefit, other structures of funding may be considered. c. Question: What are zoning considerations and will be the ability for a zoning a waiver as part of the NOFA process? All projects must comply with Salt Lake City s planning, zoning, and building requirements. The RDA cannot waive any of these requirements. d. Question: When applications are being reviewed and ranked, will a project s alignment with Project Priorities (Section 6 of the NOFA Guidelines and Application Handbook) be a deciding factor or just a consideration? Response: Project Priorities will be one of many factors used to evaluate applications. The number of Project Priorities an application aligns with will not be the sole determinate of whether or not the application is selected for funding.

2 c. Question: In regards to the Transit Proximity Project Priority, is the 1/3 mile benchmark only for fixed rail stations? Response: In addition to fixed rail stations, other stations/stops on Salt Lake City s frequent transit network (refer to the Frequent Transit Network map within the Salt Lake City Transit Master Plan), d. Question: Are areas in the City but outside of RDA project areas be eligible to receive funding? Response: Residential projects will be considered anywhere within Salt Lake City municipal boundaries. If a project happens to be located within an RDA area, it will meet the Neighborhood Revitalization Project Priority. Projects located outside of Salt Lake City boundaries will not be considered. e. Question: What are High Opportunity Areas and the Opportunity Index? Response: Of the $10 million available through the NOFA, $4,500,000 is earmarked for projects located in High Opportunity Areas. These are areas of the city that score between 6 and 10 on the Opportunity Index. Refer to Attachment A of the NOFA Guidelines and Application Handbook for a map and list of census tracts that qualify as High Opportunity Areas. f. Question: Is there a maximum amount of funding for one project, or do you have any advice on the amount of funding to apply for? Response: The NOFA does not set a funding maximum. However, keep in mind that there is $10 million available and the RDA would like to fund multiple projects. The RDA does not have a set number of projects it would like to fund, as it will depend on the applications submitted. g. Question: Did you consider the NOFA s application timeline in regards to the upcoming 9% Low Income Housing Tax Credit (LIHTC) application deadline? Response: Yes, the RDA is aware of the October LIHTC deadline. The RDA was unable to facilitate a NOFA timeline that will allow NOFA funding commitments prior to the LIHTC application deadline. h. Question: Can funds be considered for research projects related to housing? Response: Funding through this particular NOFA is available for the construction and substantial rehabilitation of housing, not for research projects. However, the RDA would be interested in future discussions on housing research efforts. i. Question: What about monitoring? Response: Yes, projects will be periodically monitored to ensure compliance with affordability and other requirements.

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9 Refer to the Notice of Funding Availability Guidelines and Application Handbook for Project Priority criteria.

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