The HOME-American Rescue Plan or HOME-ARP funds appropriated are targeted to provide homelessness assistance and supportive services. The City of Cincinnati and its Department of Community and Economic Development (DCED), through the Preventing Homelessness Funding Opportunity (PHFO), is providing a portion of its HOME-ARP funding to residential developers, as financing loans, for the development of rental housing and non-congregate shelters. PHFO is a public gap financing tool that leverages private financing to develop quality housing geared toward eliminating and preventing Homelessness throughout the City. Through PHFO, DCED provides last-in, subordinated, fixed-interest, long-term loans of $750,000 or more. Program participants must secure the remainder of project financing before the submission of a PHFO loan application.
PHFO loans shall be awarded on a need basis through a rigorous review and underwriting process. DCED staff will evaluate the project’s financial need & capacity, neighborhood impact, and Developer’s capability to complete the initial construction or rehabilitation and manage the project long term.
Once all the criteria have been determined satisfactorily, projects will be presented to the Director of DCED, the City Manager, and the Mayor, who will have final authority of PHFO loan awards and the determination of awards meeting the City’s objectives.
Friday, December 17th– Application Release
3 pm, Friday, February 28th– Application Submission DEADLINE
Awards Announced – end of May