Agenda

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County Administrator's Report 11. 13.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	10/06/2016
Issue: Local Government Certification of Contribution Loan Form for Florida Housing Finance Corporation RFA 2016-109
From:	Tonya Gant
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Local Government Verification of Contribution Loan Forms for Florida Housing Finance Corporation RFA 2016-109 - Tonya Gant, Neighborhood & Human Services Department Director

That the Board approve and authorize the County Administrator to sign the Local Government Verification of Contribution Loan Forms committing $37,500 for each of the following proposed developments applying for the Florida Housing Finance Corporation (FHFC) RFA 2016-109 SAIL with Tax Exempt Bonds and 4% Housing Credits:

A. Abbington Oaks;
B. Delphin Downs;
C. Fairfield Commons;
D. Meadowbrook Commons;
E. Patricia Pointe; and
F. The Place @ P Street.

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

BACKGROUND:

Florida Housing Finance Corporation (FHFC) has opened its highly competitive Request For Applications (RFA) 2016-109 SAIL With Tax Exempt Bonds and 4% Housing Credit. Multiple developers are submitting applications to FHFC to develop the following proposed rental developments in Escambia County:

DEVELOPMENT NAME	LOCATION	DEVELOPER	# OF UNITS	TYPE	DISTRICT
Abbington Oaks	625 E Olive Road	REA Ventures Group	128	Family	3
Delphin Downs	1717 W Cervantes Street	Southport Development, Inc.	72	Family	3
Fairfield Commons	3130 W Fairfield Drive	Miller Valentine Group	120	Family	3
Meadowbrook Commons	5406 Lillian Highway	Banyan Development Group LLC	110	Family	2
Patricia Pointe	9701 Chemstrand Road	Royal American Development, Inc	106	Family	5
The Place at P Street	1201 North P Street	Southport Development	88	Family	3

An alphabetical summary of each development with property appraiser information, development details, site plan, and elevation is included as Exhibit I.

As a part of the tax credit application process, developers must secure a “Local Government Certification of Contribution Form” (Exhibit II) from each local government which secures a minimum contribution of $37,500 in order to receive maximum points during the scoring process. Though the Board is authorizing the County Administrator to sign the form committing $37,500 for each proposed development, there is no guarantee of any of the developments being selected for financing in Escambia County since the FHFC application processes utilizes a lottery system to determine awards. The applications are due to FHFC by October 6, 2016 and selection should be known by January 2017. Each development will undergo a rigorous underwriting process through FHFC.

FHFC mandates concrete construction, green features, income set asides, at least three resident program offerings (After School Programs, Literacy Training, Employment Assistance, or Family Support Coordinator for Family Developments and Literacy Training, Computer Training, Daily Activities, Resident Assurance Check-In Program, or Assistance with Housekeeping, Shopping or Laundry for Elderly Developments), and proximity to transit and community services. Additionally each development must set aside a portion of the Extremely Low Income (ELI) units for persons with a disabling condition. A copy of the complete RFA and related documents is available online at http://www.floridahousing.org/Developers/MultiFamilyPrograms/Competitive/2016-109/ .

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 projects being funded in Escambia County. Fund 120/SHIP and/or Fund 124/Escambia Affordable Housing funds will only be provided in the event that a development is awarded the financing through FHFC during this particular housing tax credit application cycle. Funding commitments are only good through June 30, 2017. The most recent allocation year will be utilized at the time of the award and an Agreement will be brought to the Board to formally commit the funding.

LEGAL CONSIDERATIONS/SIGN-OFF:

Not applicable.

PERSONNEL:

Personnel not affected by this recommendation.

POLICY/REQUIREMENT FOR BOARD ACTION:

Commitment of funds requires Board approval.

IMPLEMENTATION/COORDINATION:

Neighborhood Enterprise Division will coordinate execution and return of the form to developers.

Attachments
Ex I-Application Summary
Ex II-Local Govt Loan Form