Now Available: Application for 4th Quarter 2019 Affordable Housing Funding
DUE: Monday, November 4, 2019
The City of Longmont is now accepting project applications for Affordable Housing Funding from interested agencies, organizations, builders, and developers.
The City estimates that $1.7 million in Affordable Housing funds will be available to award to eligible projects in this funding round. Affordable Housing Funds will be awarded incrementally throughout the year with approximately 1/3 awarded in each funding round (see schedule below).
The City is accepting applications for the following type of projects:
- Affordable Housing Projects. Projects include the acquisition, construction, or rehabilitation of affordable units.
Funding SourcesThe Division has three main sources of funding to support the goals and objectives stated in its Consolidated Plan to foster the housing choice and affordability for lower-income residents, neighborhood revitalization, and community development.
- Community Development Block Grant Program (CDBG) funding is used primarily to develop viable communities by providing affordable, decent, safe, and sanitary housing; a suitable living environment; and expanded economic opportunities, principally to persons of low and moderate income.
- The HOME Partnerships Investment (HOME) Program's objective is to strengthen public-private partnerships to expand the supply of decent, safe, sanitary, and affordable housing for low-income households.
- The Affordable Housing Fund (AHF) is a locally funded source dedicated to supporting affordable housing projects in Longmont. Funds must be repaid and all repayments deposited back to the Fund to be re-loaned.
CDBG-funded projects must meet one of the National Objectives:
- Principally serve low– and moderate–income persons
- Eliminate slums and blight
- Address recent and urgent health and safety need.
The Affordable Housing Fund is used for affordable housing activities that support and serve low/moderate-income people and families, including the following:
- New Construction of affordable rental and/or for sale housing, which can include related infrastructure and soft costs
- Rehabilitation of rental housing and/or for-sale housing that already is or will become affordable
- Acquisition of land
- Conversion of market rate housing to affordable housing