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Long Beach seeks proposals for housing funding, rent vouchers
Long Beach Dec 23, 2022
Long Beach. | Photo courtesy of the Long Beach Development Services Department
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The city of Long Beach seeks to award up to $5 million to developers for affordable rental housing construction and is also offering 200 federally funded vouchers for rental assistance available to property owners and developers of affordable homes, the city announced Thursday.
The $5 million “residual receipt loans,” which are available to more than one applicant and administered through the Long Beach Development Services Department, are for the construction or rehabilitation of affordable rental units inhabited by households earning under 80% of the local median income, according to the city. The most competitive projects will be presented for approval to the Community Investment Company, Long Beach’s nonprofit affiliate.
“Project-based vouchers” are available from the city’s housing authority and give rental assistance to very low-income households, the city announced. The housing authority intends to award the 200 PBVs, which are funded by the U.S. Department of Housing and Urban Development, to more than one applicant. The city will offer voucher recipients a contract with an initial term of up to 20 years and an automatic renewal term of 20 years.
“Long Beach is ready to go ‘All In’ on addressing homelessness,” Mayor Rex Richardson said in a statement. “We are committed to enhancing our stock of safe, quality affordable housing that meets the needs of our diverse community. These funding opportunities reflect our City’s dedication to supporting our most vulnerable residents.”
Development funding proposal requirements, including eligibility criteria and application instructions, are available in a Notice of Funding Availability on the Development Services website, according to the city. The deadline for developers to submit proposals is 4 p.m. on March 21.
Submittal criteria for the PBVs, including eligibility and application requirements, is available in a request for proposal on the housing authority’s website. Voucher seekers can submit proposals through 4:30 p.m. on Jan. 9.
“We are proud to continue creating new opportunities to promote the development and rehabilitation of affordable housing options throughout the city,” Director of Development Services Christopher Koontz said in a statement. “We thank The LBCIC, Housing Authority and the state of California for their partnership in making Long Beach more livable and equitable for all.”
The housing authority’s Deputy Director Alison King said, “PBVs allow the Housing Authority to provide a critical resource to lower barriers to housing for our voucher families to be able to secure long-term housing. This program supports our ongoing efforts to partner with property owners and developers to address the affordable housing needs of our families in need.”
More than 880 affordable units have been completed or are currently under construction or proposed in Long Beach since 2020, the city reported.
Information on Long Beach’s affordable homes and assistance programs, is at longbeach.gov/lbds.
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