Richmont Terrace Multi-Family Development Request for Proposals
The Metro Louisville Department of Develop Louisville, working through its Office of Housing, is soliciting qualified developers, both non-profit and for-profit, to purchase and develop vacant properties into affordable, multi-family rental units and/or for sale condo/patio homes to eligible residents in the Richmont Terrace neighborhood (at or below 80% of Area Median income). Richmont Terrace is located in Metro Council District 1 and is about eight miles southwest of Downtown Louisville. Applicants may submit proposals for purchase and development of more than one parcel. Applicants may be selected to enter into negotiations for a contract or contracts, but nothing in this Informal Request for Proposals or in the responses hereto shall require the Metro Government to execute a contract with any Applicant.
Develop Louisville is soliciting proposals from nonprofits, including Community Housing Development Organizations (CHDOs), 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, to fund multiple projects.
The 2019 HOME NOFA program goals are to offer housing choices to a range of home buyers 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 CHDO set-aside, and general HOME dollars available to commit for projects. Louisville Metro has allocated a maximum amount of $2,627,000 for this NOFA, of which $440,000 is reserved for CHDOs to undertake development activities. Additionally, Louisville Metro's Office of Housing has also allocated up to $100,000 in CDBG funds to go toward increased energy efficient upgrades for any eligible project.