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County Administrator's Report 13. 5.
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| BCC Regular Meeting |
Discussion |
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| RECOMMENDATION: |
Recommendation Concerning Local Government Verification of Contribution Loan Forms for RFA 2018-116 SAIL Financing of Affordable Multifamily Developments with Bonds and Housing Credits - Tonya Gant, Neighborhood & Human Services Director
That the Board approve and authorize the Acting County Administrator to sign the Local Government Verification of Contribution Loan Forms for developments meeting the minimum County-specified requirements that are applying for the Florida Housing Finance Corporation (FHFC) RFA 2018-116 SAIL Financing of Affordable Multifamily Developments with Tax-Exempt Bonds and Non-Competitive Housing Credits.
(Application information and funding amounts will be distributed under separate cover.)
[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. Developers applying for RFA 2018-116 SAIL Financing of Affordable Multifamily Developments to be Used in Conjunction with Tax-Exempt Bonds and Non-Competitive Housing Credits are required to secure a "Local Government Certification of Contribution Form" (Exhibit I) from a local government, which secures a minimum contribution of $37,500 in order to receive maximum points during the scoring process. The 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. Though the Board is authorizing the Acting County Administrator to sign the form committing $37,500 for each proposed development, there is no guarantee of any development being selected for funding by the state as FHFC accepts multiple applications statewide with limited funding available. Given the amount of funding available, it is anticipated that approximately two to three developments will be funded in medium sized counties from across the state.
A draft application form for the County funds has been available on the County webpage since September 10. On October 4, 2018, the Board approved the general application process for the minimum contribution of $37,500 with a provision of an additional $100,000 to be made available if the developer commits to provide two homeless/special needs set aside units for extremely low income households (30% AMI) as part of the application. Applications are due to County staff October 29. RFA 2018-116 was issued by FHFC on October 19 and is due to the State on November 27. Full information on RFA 2018-116 can be found online here .
FHFC mandates income set asides as determined by Section 42 of the IRC (at least 20% of the units must be set aside for households earning 50% or less of the area median income OR at least 40% of the units must be set aside for households earning 60% or less of the area median income). FHFC mandates three of the following resident programs for family developments: after school programs for children, adult literacy, employment assistance, family support coordinators, financial management, and homeownership opportunity program (grant toward a home purchase). For elderly developments, 24 hour Support for Residents must be provided in addition to three of the following resident programs: Adult Literacy; Computer Training; Daily Activities; Assistance with Light Housekeeping, Grocery Shopping, and/or Laundry; and Resident Assurance Check-In Program.
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 will be available for review in the County Administrator's office. Developments to be approved by the Board must have verification of the presence of infrastructure (roads, water, sewer, electricity) for the site as well as verification that the property is zoned for the proposed use and meet other requirements as set by the Board in the application (Exhibit II). |
| BUDGETARY IMPACT: |
This RFA from FHFC accepts statewide applications, so there is no guarantee of any project being funded in Escambia County. It is anticipated that only a few projects will be selected for funding statewide. Funding from the Escambia County Housing Finance Authority, County SHIP, and/or County Affordable Housing funds will only be provided in the event that a development is selected for financing by FHFC through this application cycle. 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.
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| LEGAL CONSIDERATIONS/SIGN-OFF: |
| Not applicable to this recommendation. |
| PERSONNEL: |
| Not applicable to this recommendation. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| Commitment of funds requires Board approval. |
| IMPLEMENTATION/COORDINATION: |
| If approved by the Board, the Neighborhood Enterprise Division will coordinate execution of the form(s) to the developer(s) and work with Escambia County Housing Finance Authority as needed. |
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