In making their determination of project eligibility and appropriateness staff will consider several factors including, but not limited to, project readiness to proceed in a timely manner to assist in meeting federal timeliness deadlines, organizational capacity, cost per unit, past successful projects utilizing federal funds, and compliance with any previous federal or local funding contracts/agreements.
The LOI is generally 2-3 pages in length and shall include:
- Brief description of the project: location, type (e.g. rehab, acquisition, new construction), number of units by income and bedroom size, etc.
- Description of whether project is currently income-restricted and occupied. If occupied, please explain whether residents will be displaced as a result of this project.
- Description of the sponsoring agency including for-profit or nonprofit status and description of previous projects completed using CDBG or HOME funds.
- Goals/ need for the project and anticipated community impact if funded.
- Status of site control.
- Land use and zoning considerations, including whether the site is already entitled for the proposed project.
- Development schedule (note that special consideration may be given to projects that can meet federal compliance and are ready to receive County funds by April 15, 2024).
- Budget and financing plan that discusses potential support from other public or private sources and explanation of why County funds/support are needed.
- Any special considerations.
- Preliminary sources and uses statement
- Projected operating proforma (approximately 15 years)
- Proposed rental unit mix and rents chart (see example below)
- Documentation of site control (if available)
Please note that an invitation to submit a full application does not represent a commitment – financial or otherwise - from the County. Priority will be givento LOIs submitted by February 13, 2024. After that, LOIs will be accepted and reviewed on a rolling basis.