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Correction of Florida Housing Finance Corporation Local Government Area of Opportunity Funding Form for The Palms at Spring Hill; and Inclusion of Restrictive Covenant Agreement to Local Government Area of Opportunity Funding Form for The Palms at Spring Hill
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BRIEF OVERVIEW
On August 12, 2025, Hernando County Board of County Commissioners approved Local Government Area of Opportunity Funding Form and Local Government Verification of Contribution Form on behalf of the Palms of Spring Hill from the State Housing Initiative Partnership Program for Florida Housing Finance Corporation Request for Application for Affordable Housing Development financing. As a result of the Board’s approval, the developer agreed to waive property tax exemptions entitled under the Florida Live Local Act.
The following signed forms were signed in error.
• Florida Housing Finance Corporation Local Government Area of Opportunity Funding Form for Ekos at Grand Park in the amount of $340,000
• Florida Housing Finance Corporation Local Government Area of Opportunity Funding Form Vesta at Osowaw in the amount of $340,00
• Florida Housing Finance Corporation Local Government Verification of Contribution Loan Form in the Amount of $50,000 to the Palms at Spring Hill
Florida Housing Finance Corporation Local Government Area of Opportunity Funding Form to the Palms of Spring Hill in the amount of $340,000 needs to be signed as agreed at the August 12, 2025, Board meeting and a Restrictive Covenant is being added to enforce the developer’s waiver of property tax exemptions entitled under the Florida Live Local Act.
FINANCIAL IMPACT
Funding for the above project is available in the amount of $390,000 in:
Fund: 1271 - St Housing Ini Prtnrshp, Department: 35051 - SHIP Grant - Housing Auth, Account: 5303424 - Contr Srv-Multi-Fam Hous.
LEGAL NOTE
The Board has authority to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached Florida Housing Finance Corporation Local Government Area of Opportunity Funding Form and Restrictive Covenant Agreement with The Palms at Spring Hill, LLC in the amount of $340,000.