Development Inflation Relief Program

Development Inflation Relief Program

Development Inflation Relief Program Skip to Primary Content Home > Housing and Community Development > Development Inflation Relief Program Development Inflation Relief Program Share: Important Message: The application period is now closed. Miami-Dade County launched the Development Inflation Adjustment Fund, in an effort to support affordable housing projects delayed due to supply chain issues, where a small infusion of additional capital can help move projects to completion. Development Inflation Relief Eligibility Applicants that have received affordable housing funding administered by HCD including funds from the Affordable Housing Trust Fund and Project Based Vouchers from Jan. 1, 2020 through July 31, 2022. For projects receiving SURTAX, SHIP or HOME funds, funding must have come through a request for application process Be financially feasible Maximized first-lien debt using current rent limits and market study data Taken appropriate steps to mitigate the impact of cost increases Demonstrate the developer is deferring the developer fee or providing a sponsor loan in aggregate amount equal to at least 25% of the developer pro forma Must apply for permitting no later than 60 days after application submission Submit a completed application that reflects all aspects of the project, including estimated development and operating budgets and pro forma. Incomplete application will not be considered Demonstrate readiness to proceed. Projects must have updated milestones and a closing date on HCD funds no later than May 31, 2023. HCD reserves the right to reject or rescind any awards for projects unable to close within 30 days of the projected closing date Awards are capped at $1 million per project Construction Inflation Relief Eligibility Applicants must have received affordable housing funding administered by HCD including funds from the Affordable Housing Trust Fund, Project Based Vouchers or any funding through a request for application process Must have closed on HCD funding between Dec. 1, 2020 and July 31, 2022 Taken appropriate steps to mitigate the impact of the cost increases Demonstrate and certify the General Contractor is not receiving additional profit, overhead or general requirements, except, in cases if general requirements where the pandemic-related impacts have increased its actual costs. As an example, if the construction schedule has been extended Demonstrate the developer is deferring the developer fee or providing a sponsor loan in aggregate amount equal to at least 25% of the developer fee Credit underwriting report must be updated and include additional funding The award is capped at the lesser of $1 million or 5% of the construction contract Projects must close on new funding by March 31, 2023 Submit a complete application. Incomplete applications will not be considered