The City of Menlo Park announces the availability of funds for new affordable rental housing projects in Menlo Park. Approximately $11.5 million in Below Market Rate (BMR) housing funds is available under this NOFA to support the preservation, acquisition, rehabilitation or new construction of permanent housing that will provide long-term affordability. The funding is intended to fill the financing gap between the projected total development costs and other available funding sources.
The Below Market Rate Housing Fund is comprised of revenues from both residential in lieu fees and commercial impact fees. Residential in lieu fees are collected from certain developers of 10 or more residential units in lieu of building affordable housing units required by the Menlo Park Municipal Code Chapters 15.36, 16.04 and 16.96. Commercial impact fees are collected from commercial and industrial developers. The funds are expended to increase the supply of below market rate housing units in the city, which benefits low and moderate income households.
Qualified developers of affordable housing who can meet the NOFA qualifications and demonstrate their ability to design, build, and manage affordable housing are encouraged to submit proposals. All proposals must be received no later than 5 p.m., January 31, 2019. Interested parties may submit as an individual entity and/or may collaborate with other entities, so long as the collective group meets the NOFA requirements. Applications submitted after this deadline will not be considered. Funding will be awarded by the City Council on a competitive basis to those projects that are most successful in addressing the City’s affordable housing needs and benefit the community.