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CRA outlines $6.5 million residential wealth-building pilot, narrows eligible project types
Summary
Staff presented the residential wealth-building NOFA, saying it pools nearly $6.5 million from three sources and targets owner-occupied and alternative ownership models; two applications met threshold requirements and staff recommended funding both partially or fully.
CRA staff described the residential wealth-building pilot as a targeted NOFA to support for-sale ownership models that help renters build equity. Staff said the program pools three funding sources — a $1,000,000 housing development loan fund, $3,900,000 from the Westside Community Initiative, and $1,500,000 from a school-district family-housing fund — for a total just shy of $6,500,000 available in this round.
Staff explained eligible project types include owner-occupied for-sale housing, rent-to-own models, sweat-equity homes, tenant shared-equity models, conversions to for-sale condos/co-ops, live-work units and community land trusts. The board was told staff received three applications; one was ineligible and two projects were recommended for funding.
