Agenda

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County Administrator's Report 10. 4.

BCC Regular Meeting

Discussion

Meeting Date:	11/05/2020
Issue: Local Government Contribution for SAIL Housing Tax Credit Applications through Florida Housing Finance Corporation
From:	CLARA LONG
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Local Government Contribution for SAIL Housing Tax Credit Applications through Florida Housing Finance Corporation - Clara Long, Neighborhood & Human Services Department Director

That the Board take the following action concerning the Local Government Contribution for SAIL Housing Tax Credit Applications through Florida Housing Finance Corporation:

A. Approve or reject the Applications submitted for the State Apartment Incentive Loan (SAIL) financing through Florida Housing Finance Corporation (FHFC), under RFA 2020-205-Meadowbrook Senior, Westover Senior Apartments, and 901 S. Old Corry Field Road Family Housing; and

B. Authorize the County Administrator to sign the Local Government Contribution of Loan Form, in the amount of $137,500 ($37,500 minimum contribution plus $100,000 special needs set aside), for approved multi-family developments applying for State Apartment Incentive Loan (SAIL) financing through Florida Housing Finance Corporation (FHFC), under RFA 2020-205.

[Funding: Fund 120/SHIP and/or Fund 124/Affordable Housing]

BACKGROUND:

Florida Housing Finance Corporation (FHFC) has opened competitive Request For Applications (RFA) for multifamily developments interested in State Apartment Incentive Loan (SAIL) funding. RFA 2020-205 SAIL Financing of Affordable Multifamily Housing Developments to be used in Conjunction with Tax-Exempt Bonds and Non-Competitive Housing Credits, with a deadline to FHFC of November 12, 2020. The Board authorized accepting Applications for this funding cycle at the September 3, 2020, BCC meeting (Exhibit I). A local government contribution of $37,500 (Exhibit II) is required for a developer to receive maximum points during the scoring process with FHFC. State Apartment Incentive Loan (SAIL) program is funding available from the state to be used as gap financing in conjunction with Bond financing and non-competitive housing credits. There is no guarantee of a development being selected for funding by the state as FHFC accepts multiple applications statewide with limited funding available.

Three Applications were received by the advertised deadline as follows:

DEVELOPMENT	ADDRESS	UNIT COUNT	TYPE	SET ASIDE UNITS	AVERAGE SCORING
Meadowbrook Senior	1200 N. 57th Avenue	144	Elderly	2 (Special Needs)	83.875
Westover Senior Apartments	4416 Westover Avenue	60	Elderly	2 (Special Needs)	77.75
901 S. Old Corry Field Rd. Family Housing	901 S. Old Corry Field Road	126	Family	2 (Special Needs)	80.375

Due to the size of the application materials, only application summaries for each development have been provided. Hard copies of each Application are available for review in the Neighborhood Enterprise Division office. The summary application for Meadowbrook Senior is provided as Exhibit III, with reviewer comments as Exhibit IV. Westover Senior is provided as Exhibit V, with reviewer comments as Exhibit VI. Old Corry Field Road Family Housing is provided as Exhibit VII, with reviewer comments as Exhibit VIII.

All developments have requested $100,000 in addition to the minimum local government contribution of $37,500, since all have made a commitment to set aside two of the units to extremely low income homeless, formerly homeless, or special needs households. The units must be reserved for extremely low income households and the rent limit cannot exceed the 30% rent limits based on bedroom size. Provision of a homeless or special needs set aside enables the County to help meet SHIP mandated extremely low income and special needs set asides.

Documents related to RFA 2020-205 SAIL Financing of Affordable Multifamily Housing Developments to be used in Conjunction with Tax-Exempt Bonds and Non-Competitive Housing Credits is available online here

BUDGETARY IMPACT:

The statewide housing tax credit application process through Florida Housing Finance Corporation (FHFC) is extremely competitive, so there is no guarantee of any project being funded in Escambia County as developments are competing for funds across the state.

Fund 120/SHIP and/or Fund 124/Escambia Affordable Housing funds will only be provided in the event that a development is awarded financing through FHFC during this application cycle. Developments awarded funding by FHFC will be brought back to the Board to formally commit funding and the most recent County allocation year will be used at the time of the award.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

Potential funding commitments must be reviewed and approved by the Board.

IMPLEMENTATION/COORDINATION:

If approved by the Board, the Neighborhood Enterprise Division will coordinate execution of the form(s) to the developer(s) as needed.

Attachments
Ex I-SAIL RFA 2020-205 application
Ex II-LG Contribution Loan Form
EX III-Meadowbrook Summary App
Ex IV-Meadowbrook Reviewer Comments
Ex V-Westover Summary App
Ex VI-Westover Reviewer Comments
Ex VII-Old Corry Summary App
Ex VIII-Old Corry Reviewer Comments