The City of San Diego is seeking qualified real estate developers interested in providing future multifamily affordable housing developments within the City of San Diego.
In next 24 months, the City expects to dispose of former Redevelopment Agency-owned housing assets, the proceeds of which, potentially coupled with other City housing funds, will be advertised through one or more addenda to this Request For Qualifications (RFQ), in the form of a Notice of Funding Availability (NOFA), for the purpose of developing affordable housing within the City of San Diego. At this time, the amount of funds and the timing of their availability are uncertain, but it is anticipated there could be between $30 million to $50 million available to support the new construction of multifamily housing that will provide long-term affordability (55 years or longer) to individuals and families earning 80% of the Area Median Income (pursuant to California Redevelopment Law) or less, in accordance with income limits of Senate Bill 341 controlling expenditures of funds generated by former Redevelopment Agency housing assets. Other City funding sources would support acquisition and rehabilitation projects and may have different expenditure restrictions. Future NOFAs will identify the specific funding source and types of eligible projects.
This RFQ is intended to attract and select qualified development teams that have current pipeline projects to perform the development of affordable multifamily housing, so that the City can promptly reach out at such time as funding is available. A list of qualified and selected developers with a list of potential pipeline projects will be retained by the City until such time as funding is available and is released. It is the intent of the City to issue the future NOFA upon funding availability, to those selected developers identified through this RFQ process.
The future NOFA shall remain open and available until such time that funds have been committed and/or deployed. It is the intent of the City that these funds are replenished periodically and that there are several NOFA rounds.
The intent of any future NOFA will be to provide a portion of the local funding gap. The City seeks to leverage its limited funding resources to provide the largest number of affordable multifamily units. Accordingly, it is currently estimated that the City’s NOFA will provide no more than $100,000 per unit, prioritizing projects needing less funding per unit, and may elect to place a cap on the total amount awarded per project.
Request for Qualifications for Affordable Housing Developers
Required Submittal Forms
DEADLINE: Jan. 29, 2021, 5 p.m. PDT
Submit RFQ responses electronically:
Assistant Deputy Director
Economic Development Department