Funding available for new affordable housing construction
The City of Hayward Housing Division is accepting loan applications for affordable rental and supportive housing development in the city.
The loans are intended to partially fill the gap between development costs and financing available from private and other public sources. Applicants are expected to pursue financing from all available sources. The city application deadline is June 29.
The City of Hayward intends to award approximately $7 million in local city housing funds; identify projects to recommend for funding from Hayward’s base share of Alameda County Measure A1 dollars; and position some projects to apply for additional Measure A1 dollars available countywide on a competitive basis. There is currently 18.2 million available from Hayward’s Measure A1 base allocation.
Projects that apply to the city Housing Division will be ranked based on scoring criteria described in the official Notice of Funding Availability (NOFA). Staff will make recommendations to the City Council for approval considering project ranking and overall effective use of housing funds. The Council will make the final determination regarding which projects are awarded funds.
The Alameda County Measure A1 affordable housing bond issue was approved by 73 percent of voters in the November 2016 election. It authorized the raising of $580 million for affordable housing across the county with a projected cost to property owners of $12 to $14 a year per $100,000 of assessed property value.