January 31, 2023 — Cleveland — In October 2022, Cleveland City Council passed legislation (Ord. No. 900-2022) allowing the city to use American Rescue Plan Act (ARPA) investments for a housing gap financing fund to provide grants and/or equity stake in projects that incentivize the renovation and construction of affordable, workforce housing projects, mixed-income, and market rate projects.
These funds are now available on a competitive basis through a Department of Community Development Request for Proposals (RFP) to allocate up to $34.45 million, including:
- $10 million for Affordable Housing Gap Financing (ARPA restricted)
- $5 million for Market Rate Housing Gap Financing (ARPA/General fund)
- $13.7 million for 30% AMI Affordable Housing Gap Financing (HOME-ARP
- $4 million for Non-Congregate Shelter Gap Financing (HOME-ARP)
- $1.75 million for Single-Family Affordable and Market Rate Housing (City Bond Funds)
This RFP is only for housing development projects that will invest in either affordable housing units, market-rate housing units, or a mix. Submissions will be scored and used to create a slate of projects to be considered by Cleveland City Council. Only approved projects will be eligible to apply for these funds.
“We are excited for this opportunity to accept proposals for such a wide variety of projects that will bring us closer to our vision for equitable housing across our city,” said Cleveland’s Director of Community Development Alyssa Hernandez.
Upcoming information sessions will be held on three consecutive Wednesdays — Feb. 1, 8, and 15 — at 9 a.m. RVSPs (required) and questions may be submitted at Department of Community Development Info Sessions RSVP & RFP Question Form (smartsheet.com).
The deadline to submit questions is Feb. 15, 2023, at noon. Submissions for the RFP are due by Feb. 28, 2023.
