2023 Affordable Housing Fund-Tax Credits RFP (Closed)
The City of Madison Community Development Division (CDD) is offering gap financing for development proposals from qualified development teams seeking WHEDA Low Income Housing Tax Credits to accomplish the following three objectives:
- Increase the supply of safe, quality, affordable rental housing, especially units affordable to households with incomes at or below 30% of area median income, that ensure long-term affordability and sustainability.
- Preserve existing income- and rent-restricted rental housing to ensure long-term affordability and sustainability.
- Improve the existing rental housing stock through acquisition/rehab to create long-term affordability and sustainability.
Through this RFP process, the City also seeks project proposals that aim to convert a hotel, motel or other suitable commercial property into affordable housing through the HOME-ARP set-aside. Funded through the American Rescue Plan Act of 2021, this special allocation of HOME Investment Partnerships Program funds (HOME-ARP) will be used to support units of supportive housing. Please see Attachment F of the RFP for more information.