Agenda

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County Administrator's Report 9. 4.

BCC Regular Meeting

Discussion

Meeting Date:	10/18/2018
Issue: Local Government Area of Opportunity for RFA 2018-110 Housing Credit Financing for Affordable Housing Developments Located in Medium Counties
From:	Tonya Gant
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Local Government Area of Opportunity for RFA 2018-110 Housing Credit Financing for Affordable Housing Developments Located in Medium Counties - Tonya Gant, Neighborhood & Human Services Director

That the Board select one development and approve and authorize the County Administrator or Assistant County Administrator to sign the Local Government Verification of Contribution Loan Form in support of the Local Government Area of Opportunity for RFA 2018-110 Housing Credit Financing for Affordable Housing Developments located in Medium Counties.

[Funding: Escambia County Housing Finance Authority; Fund 120, SHIP; and/or Fund 124, Affordable Housing]

BACKGROUND:

In May 2017, the Board authorized an application process for developers seeking a minimum local government contribution in order to apply for housing tax credits through the Florida Housing Finance Corporation (FHFC) competitive tax credits cycle. For this fiscal year, FHFC is NOT requiring developers to secure a local government contribution as a mandatory component of the application for the 9% Housing Tax Credit applications under RFA 2018-110 Housing Credit Financing for Affordable Housing Developments Located in Medium Counties.

FHFC released the draft request for applications (RFA) on August 21 for RFA 2018-110. FHFC has set several special funding goals for this RFA, which would give developments a priority for funding if they meet one of the goals. The goals are one development sponsored by a not for profit, one assisted living facility development, two family developments that qualify in a geographic area of opportunity or a small area difficult to develop areas, and two developments that receive funding from a local government area of opportunity. This last category, the local government area of opportunity will require a local government to select only ONE development for funding and commit to providing the following funding based on construction type:

Building Type	Minimum Funding Amount for RFA 2018-110
Garden-Wood (New Construction)	$354,000
Garden-Concrete (New Construction)	$425,625
Mid-Rise-Wood (New Construction)	$425,625
Mid-Rise-Concrete (New Construction)	$469,313
Hi-Rise (New Construction)	$560,250
Garden (Rehabilitation)	$297,563
Non-Garden (Rehabilitation)	$419,250

On September 20, 2018, the Board approved designation of a Local Government Area of Opportunity and provision of homeless and set aside units as part of the application. Applications are due to County staff October 12. RFA 2018-110 was issued by FHFC on September 6 and is due to the State on October 23. Full information on RFA 2018-110 can be found online here.

The County will need to sign the Local Government Verification of Contribution-Loan Form (Exhibit I) selecting one development and committing the funding required above by development type. Due to the timing of the agenda deadline, staff scoring and recommendation will be submitted under separate cover. The applications will also be posted online under the Rental Programs page on the County website and a hard copy is available for review in the County Administrator's office.

BUDGETARY IMPACT:

Funding for this item will come from the Escambia County Housing Finance Authority and County SHIP or Affordable Housing funds. The most recent County grant allocation year will be used at the time of the award and an Agreement will be brought to the Board to formally commit funding if the development is selected for funding by FHFC.

LEGAL CONSIDERATIONS/SIGN-OFF:

Not applicable to this recommendation.

PERSONNEL:

Not applicable to this recommendation.

POLICY/REQUIREMENT FOR BOARD ACTION:

Commitment and selection of one development for this RFA requires Board approval.

IMPLEMENTATION/COORDINATION:

If approved by the Board, the Neighborhood Enterprise Division will coordinate execution of the form to the selected developer and work with Escambia County Housing Finance Authority as needed.

Attachments
Ex I-LG Verification of Contribution Form