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County Administrator's Report 11. 2.
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| BCC Regular Meeting |
Discussion |
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| 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. Support the provision of a minimum local government contribution, in the amount of $37,500, for multi-family developments applying for State Apartment Incentive Loan (SAIL) financing through Florida Housing Finance Corporation (FHFC) under RFA 2020-205;
B. Approve the local Application Form and timelines, to include some flexibilities as needed regarding local community meetings due to COVID-19; and
C. Support the provision of an additional $100,000 for developments providing two units set aside for extremely low income homeless or special needs households.
[Funding: Fund 120/SHIP and/or Fund 124/Affordable Housing] |
| BACKGROUND: |
Florida Housing Finance Corporation (FHFC) will be opening a 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 is expected to be issued on October 15, 2020, with a deadline to FHFC in November 2020, (date not finalized as of the date of this recommendation). Though the draft RFA is currently not available, it is anticipated that a local government contribution of $37,500 will be required for a developer to submit an application to FHFC as in the past.
The Board approved a process for review of Applications applying for FHFC funding that would require the local Government Contribution, which was approved on May 4, 2017. The Application provided with this Recommendation is being updated to include current FHFC RFA information and deadlines. Staff is proposing submission of the local Application by October 12, 2020, in order to place the item on the November 5, 2020, Board Agenda. The Application has also been updated with the current Racially and Ethnically Concentrated Areas of Poverty (RECAP) area, which is census tract 16 in District 3; no developments may be proposed for local government funding in this area as directed by prior Board policy. It should be noted that FHFC also prohibits applications for developments within one mile of newly approved FHFC developments, which will prohibit development of units near Lucas Creek at 7815 Lilac Lane and Brownsville Manor on West DeSoto Street.
Staff is again proposing providing $100,000 in addition to the minimum local government contribution of $37,500 to developments that commit to set aside two of the units to extremely low income homeless, formerly homeless, or special needs households. If funding is awarded by FHFC, the developer proposing the homeless set aside would be required to receive referrals from Opening Doors Northwest Florida as the local Continuum of Care (COC) for the units and execute an agreement or memorandum of understanding with Opening Doors in addition to the Agreement to be executed with the County. 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, as well as help provide the COC support in its competitive HUD COC funding application by showing that the area is seeking to provide units for homeless households transitioning out of supportive housing.
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. Applications will be brought to the November 5, 2020, Board meeting for review and approval for the local government funding contribution. |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| N/A |
| PERSONNEL: |
| N/A |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| Review of the application process, including proposed changes, must be approved by the Board. Potential funding commitments must be reviewed and approved by the Board. |
| IMPLEMENTATION/COORDINATION: |
| The Neighborhood Enterprise Division will post the application online and will review applications with the support of other County departments including Development Services. |
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