Guidance on City of Richmond Housing Trust Fund
City of Richmond
Housing Trust Fund (RHTF) Application
Guidance introduction
Purpose:
The City of Richmond hereby notifies interested organizations of the availability of funds to provide housing production and housing supportive services targeted to low and moderate income citizens. Funds are intended for projects and programs that are aligned with regional, state and federal plans, and follows best practices to address the housing needs of the population. Projects and services will be evaluated to determine whether they are eligible for RHTF funding, per and ready to proceed. Projects and services must demonstrate a need for RHTF funds in order to proceed and/or operate. RHTF Funds may not be used to supplant existing commitments of permanent financing.
Projects will be considered in earnest if they meet the following criteria:
- Project and program costs are considered reasonable, per current State and federal guidelines.
- Project is likely to have all necessary capital financing committed by application deadline.
- Project is likely to secure all necessary approvals and begin activity by April 1, 2015.
- Project pro forma demonstrates revenues sufficient to cover projected operating expenses.
- Project has secured necessary commitments for services, if applicable.
- Sponsoring organization has sufficient capacity to:
a. Develop the project;
b. Manage the project long-term;
c. Deliver appropriate services, if applicable. - Sponsoring organization has no significant or recurring performance issues. Compliance issues identified within the organization’s existing portfolio have been resolved to the satisfaction of public funders, as applicable.
Dates and Deadlines:
There will be a non-mandatory informational meeting on October 28, 2014 from noon until 2 p.m. at Richmond City Hall, 900 East Broad Street, in the 5th floor conference room.
Please direct all questions to Dan Cohen at daniel.cohen@richmondgov.com by November 7 at 4:30 p.m. Applications for funding will be accepted by the City until 4:30 p.m. EDT on November 18, 2014. All applications received after the deadline will be rejected and returned to the sender. Decisions regarding funding of proposals are scheduled to be made by the City in November 2014.
Requirements:
- Applicants must be a nonprofit or for-profit corporation or partnership entity formed pursuant to applicable State of Virginia and City of Richmond law, must be an entity in good standing with the State of Virginia and the City of Richmond and provide housing or housing services. Richmond Housing Trust Fund monies will not be awarded to individuals.
- All proposals must be submitted on this year’s application form that can be received via email upon request to Dan Cohen at daniel.cohen@richmondgov.com and must be in compliance with Application Guidance (RHTF-101). Applicants must submit a hard copy of their applications.
- Based on applications received and within the extent possible, 30% of the RHTF will be targeted for projects that benefit residents with incomes at or below 30% AMI. For multifamily projects, preference will be given to projects whereas 50% of the units are available for residents with incomes less than 50% AMI and the remaining 50% of the units for projects assisting incomes of 50-80% AMI. Home ownership activities that serve residents with incomes less than 80% AMI may be supported by the RHTF.
Dan Cohen
Senior Project Manager
City of Richmond
900 East Broad Street
Suite 510
Richmond, VA 23219