Monday, October 15, 2012

City accepting applications for residential gap financing program

The City of Cincinnati Department of Community Development is now accepting applications for up to $2.5 million available for residential projects through its Fall 2012 Notice of Funding Availability.

The funding is meant to provide gap financing for low- to mid-income homeownership and mixed-use projects as well as elderly, transitional, and permanent supporting housing projects that are not eligible for funding through other City programs.

Sources of funding include $1 million through the HOME Investment Partnership Program, $500,000 through the Community Development Block Grant program, and $1 million in City capital funds.

Proposed projects must produce a minimum of four clustered units, with priority given to projects consisting of ten or more contiguous units.

Priority also will be given to homeownership projects located in the City's Mutually Benefiting Focus Areas, where they can build upon existing collaborative community initiatives. These focus areas include Madisonville, Price Hill, Avondale, College Hill, Evanston, Walnut Hills, Westwood, Bond Hill, Northside, South Cumminsville, Camp Washington, Corryville, CUF, Kennedy Heights, Oakley, Pendleton, South Fairmount, Carthage, East Walnut Hills, and Mount Washington.

Projects will be scored based on need and impact, developer funding capacity and the amount of private investment leveraged, design, economic integration, developer experience, and readiness to proceed.

Applications are due by December 3 at 4 P.M. A pre-submission meeting, which will provide a general overview of the application process, is scheduled for November 6.

Winning applicants will be notified in late February 2013.

For more information, contact the Department of Community Development at (513) 352-6146.