COUNCIL AGENDA ITEM
SUBJECT:
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Resolution No. 2020-R-30: Housing Trust Group seeking $50,000 of government contribution in the form of fee waivers of either impact fees or development permitting fees in order to compete for housing tax credits as issued by the federal government and managed by the Florida Housing Finance Corporation.
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DEPARTMENT:
Development Services
SUMMARY:
The applicant is considering two (2) sites for possible construction; 14.5? acres located east of South Ridgewood Avenue, west of Swordfish Lane and north of Ranken Drive (Parcel 8402-00-00-0380) and 9? acres located west of South Ridgewood Avenue, south of Falcon Avenue and north of Silver Circle (Parcel 8402-00-00-0461).
The Housing Credit (HC) program provides for-profit and nonprofit organizations with a dollar-for-dollar reduction in federal tax liability in exchange for the acquisition, substantial rehabilitation, or new construction of low and very low income rental housing units.
Qualifying buildings include garden, high-rise, townhouses, duplexes/quads, single family or mid-rise with an elevator. Ineligible development types include hospitals, sanitariums, nursing homes, retirement homes, trailer parks, and life care facilities. This program can be used in conjunction with the HOME Investment Partnerships program, the State Apartment Incentive Loan program, the Predevelopment Loan program, or the Multifamily Mortgage Revenue Bonds program.
Each development must set aside a minimum percentage of the total units for eligible low or very low income residents for the duration of the compliance period, which is a minimum of 30 years. At least 20 percent of the housing units must be set aside for households earning 50 percent or less of the area median income (AMI) or 40 percent of the units must be set aside for households earning 60 percent or less of the AMI.
Housing need is assessed annually based on current statewide market studies and public input, and funds are dis...
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