The Housing Department provides "gap financing" in the form of low-interest loans or conditional grants to experienced developers of affordable housing projects in order to meet the tremendous need for affordable housing in the City of San José. All loans are underwritten to the guidelines established in the Department's Project Development Program Policy and Procedures Manual. As consideration for such financing, the City requires the recording of an affordability covenant that ensures the project typically remains affordable to lower-income tenants for 55-99 years.
New NOFA Released on July 21, 2016
The Housing Department has issued a new $40 million Notice of Funding Availability on July 21, 2016, with a focus on new permanent supportive housing for homeless households. The NOFA is a joint release, also including a County-wide offering of up to 603 PBVs from the Housing Authority of the County of Santa Clara, as well as services commitments and $8 million in capital funds from the County's Office of Supportive Housing. The joint NOFA/RFP has been released through BidSync (www.bidsync.com, Bid 1607-001). The submission deadline is September 20, 2016, with awards expected to occur in October/November. A summary of the combined NOFA is available for your reference.