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CRA issues NOFAs totaling $14M; Perpetual Housing Fund project opens, staff to report back
Summary
CRA announced a housing development loan NOFA for $8M and $6M targeted for residential wealth-building projects (combined > $14M), highlighted a Citizens West ribbon cutting funded by CRA, and reviewed the Perpetual Housing Fund project (96 affordable units) and the CRA's $10M ARPA equity investment.
CRA staff notified the board that the agency released a Notice of Funding Availability (NOFA) on Oct. 21 for a housing development loan program with $8,000,000 available to provide gap financing for affordable housing development. Eligible proposals must meet board-set thresholds, including at least 10% of units targeted to deeply affordable households (30% AMI or less) or family-sized units targeted at 60% AMI.
Staff…
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