To our Valued Partners,
We want to thank you all for your continued commitment to affordable housing. A special thanks to those who submitted an RFP for the Apple Affordable Housing Fund; we know that a lot of hard work and thoughtfulness went into each proposal. We are pleased to announce we have received 52 proposals for this unique funding opportunity. Unfortunately, given the scale of interest, we will be unable to fund every request.
As noted in the RFP, all proposals will be reviewed for threshold requirements by Housing Trust staff, and eligible proposals will then be reviewed by an affordable housing project selection committee. The selection committee will determine which proposals constitute the appropriate type of affordable housing to move on to consideration for underwriting and review by the credit/loan committee. We anticipate notifying sponsors/borrowers which proposals are moving to full underwriting before the end of May.
Creating affordable housing is essential work – and will only become more so as our region recovers from COVID-19 and the resulting economic consequences. We are grateful to work with you all in this critical moment and in those to come.