Notice of Funding Availability

Notice of Funding Availability (NOFA) for Housing Developments

Issue Date: December 21, 2021, Due Date: January 31, 2022

The RED Housing Fund (RHF) is pleased to announce the release of a Notice of Funding Availability (NOFA) for approximately $20,000,000 in subordinate loans to developers in Sonoma County that have projects meeting the RED Criteria: located on an infill site, mid to high density development, residential or mixed-use residential, and located within a transit-rich or planned area (see NOFA Terms and Conditions). With this funding, RHF intends to offer flexible financing in order to support and catalyze the development of housing across income levels, and in a way that protects the environment, supports economic renewal, builds disaster resiliency and improves the well-being of Sonoma County residents.

Loans are available to projects at all income levels: affordable (units primarily restricted to incomes up to 80% AMI), middle income (units primarily restricted to incomes up 80-120% AMI), and market rate; or a mix of income levels. Consideration of projects will be based on RHF’s funding availability for projects that meet the requirements set forth in this NOFA.

Qualified developers/project sponsors (“Applicants”) that meet the NOFA requirements are encouraged to submit proposals. Eligible Applicants include for-profit or non-profit corporations, individuals, general or limited partnerships, or limited liability companies.

Application Process

  1. Interested applicants may download application materials here.
  2. Application: If you intend to apply, please email apply@redhousingfund.org and request a link for secure file uploads. Hard copies will not be accepted.
  3. Due Date: The Housing Loan Application and all required information/attachments must be uploaded no later than Monday, January 31, 2022 at 4:00 pm.
  4. Selection: Applications will be reviewed for completeness and evaluated for competitiveness by the RHF and its agents. Interviews may be scheduled at the request of the RHF. RHF intends to issue recommendations for funding no later than March 31, 2022. Applicants who are recommended for funding should expect to and will be required to provide additional due diligence materials as part of the underwriting and approval process.
  5. For additional information: Please submit questions to apply@redhousingfund.org by January 18, 2022.

Update: The RED Housing Fund has completed a first phase funding process for multifamily rental projects and the following affordable housing projects were approved to submit a final application upon award of LHTF Program Funds.

Bennett Valley Apartments, featuring 62 studio, one-, two-, and three-bedroom units affordable to households earning between 15-50% of AMI, recommended loan size – $4,000,000.

Casa Roseland, featuring 75 one-, two-, and three-bedroom units affordable to households earning between 30-60% of AMI, recommended loan size – $3,471,289.

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