el paso offering affordable rental housing development funding

In an ongoing bid to continually increase its affordable housing stock, the City of El Paso is offering significant financing to the developers of such projects.
The city’s Department of Community and Human Development says financing of up to $1 million per project may be available for either building or rehabilitating any structure that may be used for affordable rental housing.
The program additionally includes a city-sponsored workshop designed to go over the details of the initiative that will be hosted later this month.
To be eligible to receive funding, applicants must be first certified as a community housing development organization by the City of El Paso.
The funding will then be awarded through a competitive process that weighs such matters as the feasibility and quality of the proposed housing project.
City efforts to make affordable housing more available comes in the wake of a January report released by the website Realtor.com, which listed larger El Paso as the third best market for affordable homes in the country.
The site specifically added that El Paso is primed to be a major real estate hot market for the rest of 2019 due to its current abundance of affordable homes and a continuing home construction boom.
 
The application deadline for El Paso’s affordable rental housing financing program is July 18.

By Garry Boulard

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