October 18, 2023

Exciting Funding Opportunity for Affordable Housing Developers in San Jose!


Are you an affordable housing developer seeking funding for your projects? The City of San Jose has some great news for you! They have just released a Notice of Funding Availability (NOFA) that could be a game-changer for your affordable housing initiatives. Here’s what you need to know:

What is the 2023 New Construction NOFA? The 2023 New Construction NOFA, designated as NOFA CSJ HSG 10-10-2023, is a funding opportunity offered by the City of San Jose Housing Department (CSJHD). It is an open invitation for qualified applicants to submit proposals for new affordable multifamily rental housing projects. These projects aim to provide housing for extremely low-income, very low-income, and low-income individuals and families. Notably, 40% of the funding will be prioritized for Extremely Low-Income (ELI) housing.

How Can You Apply? To apply for this funding opportunity, you need to prepare written proposals for your new construction projects. The funding sources for these NOFA Awards include the Housing Asset Fund, Affordable Housing Impact Fees, Inclusionary Housing Ordinance In-Lieu Fees, HUD HOME, and Measure E.

The City of San Jose is making $50,000,000 available for gap financing for multifamily affordable rental housing projects that meet specific criteria (note that only new construction projects will be awarded funding under this NOFA). Funding will be provided in the form of a loan for construction and permanent financing, which may also include acquisition costs.

Key Dates and Additional Details:

  • NOFA Released: October 10, 2023
  • Pre-Submission Conference (Optional): October 18, 2023
  • Deadline for Submission of Questions: October 31, 2023
  • Deadline for Applications to be Considered: November 29, 2023
  • Notification of Final NOFA Awards: January 26, 2024

For those interested, a virtual Pre-Submission Conference will be held on October 18, 2023, from 2:00 PM to 3:00 PM. This optional workshop is designed to assist organizations in completing the application and understanding the applicable requirements and project evaluation criteria. Attendees are strongly encouraged to participate.

Don’t Miss This Opportunity! This NOFA is a fantastic opportunity for affordable housing developers to secure the funding they need to make a meaningful impact on their communities. We encourage all interested parties to review the full NOFA document, participate in the Pre-Submission Conference, and submit their applications before the November 29, 2023, deadline.

For more information and to access the NOFA document, please visit this link. Don’t hesitate to reach out to the City of San Jose if you have any questions about this exciting funding opportunity.