Financing for Development Projects

UPDATE to the Fall 2022 NOFA: 

The deadline for submission has been extended to March 24, 2023. 

Develop Louisville, working through its Office of Housing & Community Development, is soliciting proposals from nonprofits, including Community Housing Development Organizations, Community Development Corporations, and for-profit developers for "gap financing” needs associated with Metro-wide affordable housing development projects. Louisville Metro Government has set aside funding from the U.S. Department of Housing and Urban Development HOME Investment Partnerships Program, Community Development Block Grant Program, and the U.S. Department of the Treasury Emergency Rental Assistance 2 Program to fund multiple projects. 

The 2022 Fall HOME/CDBG/ERA2 NOFA program goals are to offer housing choices to a range of homebuyers and renters, by creating "quality of place" neighborhoods, with a diverse blend of affordable housing types, supported by public facilities and other amenities. Louisville Metro Government has allocated $2,748,500.00 in HOME and HOME Match for this NOFA, including $535,200.00 reserved in CHDO set-aside for development activities. The Office of Housing and Community Development has also allocated $1,000,000.00 in CDBG funds to go toward eligible rental development rehab projects in “At Risk Areas” 

On January 26, 2023, Louisville Metro Government allocated approximately $22,000,000.00 in ERA2 funds to the 2022 Fall NOFA for rental development projects. This funding must be targeted to very low-income households at 50% AMI and below, and projects must conform to and meet the program requirements of the HOME Program. Special consideration will be given to projects that target a portion of units to households at 30% and below AMI. 

For more information about how to apply, please use the following link to the Office of Housing & Community Development:

https://louisvilleky.gov/government/housing/affordable-housing-development-program