The Riverside County Economic Development Agency (EDA) is inviting applications from various public and private non-profit or for-profit organizations to acquire and rehabilitate foreclosed and vacant multi-family properties, or the construction of new multi-family rental projects for the benefit of very low-income households in the designated Target Areas in the County. The intended NSP activity under this NOFA is Acquisition and Rehabilitation of Foreclosed and Vacant Multi-Family Properties, or the Construction of New Multi-Family Rental Projects (“NSP-4”). Properties must be vacant for a period of at least ninety (90) days. The minimum discount for all individual NSP acquisitions must be at least fifteen percent (15%) below the current market appraised value as determined within sixty (60) days of the date of the appraisal. The rehabilitated properties for rental will be available to households with an annual income no greater than fifty percent (50%) of the area median income (AMI) as published by HUD.
NSP-4 Acquisition and Rehabilitation of Foreclosed and Vacant Multi-Family Properties, or the Construction of New Multi-Family Rental Projects