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Acquisition and Opportunity Loans

These loans from the 2012 Housing Levy are intended as short-term funding to permit strategic acquisition of sites for low-income housing development. These loans are expected to be repaid with permanent project financing and are intended to facilitate development of rental or homeownership housing consistent with the objectives and priorities of the Housing Levy.

The City will give priority to projects that meet the following criteria:

  • The applicant demonstrates that the project takes advantage of a low acquisition cost, and that short-term acquisition financing is critical to achieving cost savings, and/or
  • The project leverages or demonstrates a high likelihood of leveraging significant funding for housing development, operations, and/or services, or project-related infrastructure investments, which may be lost without the availability of short-term acquisition financing.

In addition, the program will give preference to:

  • Projects that produce or preserve low-income housing located in a high-frequency transit service area, and/or
  • Projects that develop affordable housing through acquisition and rehabilitation of existing buildings.

Notice of Funding Availability

The City has set aside approximately $875,000 for these loans.

Applications will be accepted until all funds have been allocated. Please contact Samya Lutz, City Block Grant Program Manager, at slklutz@cob.org or 360-778-8385.