The City of Coronado has notified owners of existing multi-family residential properties of the availability of up to $4 million in funding to help finance affordable housing projects.
A letter was sent to those who may be eligible to receive funding in exchange for dedicating some or all of their housing units for lower income households. To qualify, property owners would be required to record a deed restriction over selected housing units to ensure they are rented exclusively to lower-income households for a minimum term of 55 years.
Eligible projects also include the rehabilitation of existing multi-family affordable housing units and construction of new multi-family affordable housing units, among other projects.
Those interested are encouraged to review the complete Notice of Funding Availability/Request for Proposals on the City’s website. Proposals must be received no later than 5 pm on Nov. 8, 2021. For more information, contact Rich Grunow at [email protected] or 619-522-7338