Reference #: 11774. Name: Middle Income Housing Partnership Short List

Description: The City is seeking a development partner to undertake the funding, design, construction and management responsibilities of the lands based around the following core objectives:
• Affordability: At least 20% of the units in each project must be rented at 20% below the market rate,
• Financial Sustainability: To ensure the long-term viability of the projects, up to 80% of the units can be rented at full market rate, generating revenue for the developers and operators.
• Unit Mix: The projects must offer a variety of home sizes, ranging from studio apartments to three-bedroom units, to accommodate the diverse needs of middle-income residents;
These criteria are designed to balance the goals of affordability, sustainability, and diversity in the MIHP program. By following these criteria, the program will create more housing options for middle-income households who are often priced out of the market or unable to find suitable homes. Project closes Jul 23, 2024 2:00 PM PDT.