RFPs/RFQs: Construction Gap Financing

Title: 
Construction Gap Financing
Description: 

The City of Cleveland will make $1.4 million available to invest in housing development projects, on a competitive basis, through the Department of Community Development’s (CD) 2020 Construction Gap Financing (CGF) program. 

A construction cost gap exists in many Cleveland neighborhoods.  This “Gap” is the difference between current market values and the development and construction costs for rehabilitation or new construction of modest quality housing. The Program will focus initially on single family for sale housing.  All neighborhood housing types may be considered in an expanded program, with the understanding that single family values are tied to overall investment and market values in a neighborhood.

The Program Goal is to stimulate and sustain private construction investments in local housing markets.  The intent of the program is to provide subsidy to a limited number of projects that produce quality housing and establish higher market values for new or renovated housing in a neighborhood.  The program will require and prioritize projects that make a strong positive visual impact in a neighborhood. This visual impact will contribute to improved local market values and encourage additional investment.

Development cost data, operating forecasts, and sales assumptions will be evaluated by the City to verify financing gaps. Sales prices and as-completed appraisals cannot exceed $250,000.

Opening Date/Time: 
Monday, April 13, 2020 - 8:00am
Closing Date/Time: 
Wednesday, July 1, 2020 - 5:00pm
Dep/Div: 
Community Development
Contact Name: 
Anthony Thornton
Contact Phone: 
(216) 664-4059
Contact Fax: 
(216) 664-4006
No meeting