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Approval of The Palms at Spring Hill for Local Government Verification of Contribution for Florida Housing Finance Corporation Through State Housing Initiatives Partnership Program
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BRIEF OVERVIEW
Hernando County Housing and Supportive Services announced the availability of funds and request for application for local government support loans for developments applying for Florida Housing Finance Corporation (FHFC) housing credits seeking Local Government Area of Opportunity (LGAO) funding.
The County provides local government support to assist in the construction, rehabilitation and permanent financing of multifamily housing developments. The County anticipates sufficient funding to be available to fund one applicant. Funds to support the selected applicant will be in the form of a loan. The County reserves the right not to fund an applicant at all.
The source of funding for the project is from the State Housing Initiative Partnership program; however, Hernando County reserves the right to substitute local Housing Trust Funds, Community Development Block Grants (CDBG), or HOME funds as the funding sources for any award request, therefore the selected applicants are advised that applicable grant regulation may be imposed on any award.
The following applications were received by the deadline date for review and funding consideration:
• Ekos at Grand Park, MHP Hernando I - East Side of US 19 and Grand Park Drive
• The Palms at Spring Hill, Paces Preservation and Soho Housing, 11323 County Line Road
• Vesta at Osowaw, Newstar Development - Osowaw Boulevard
The review committee consisted of Veda Ramirez, Housing and Supportive Services Director; Todd Crosby, Assistant County Engineer, Public Works, and Gordon Onderdonk, Utilities Director.
The County can only support one (1) development that qualifies as an LGAO. Staff recommendation for funding in the amount of $340,000 is to The Palms of Spring Hill as a result of their residential programs, extremely low area medium income percentage commitment, and developing in a U.S. Department of Housing and Urban Development (HUD) difficult development area.
The order in which the developments scored is ranked below and staff recommends The Palms of Spring Hill.
1. The Palms of Spring Hill
2. Vesta at Osowaw
3. Ekos at Grande Park
The Palms of Spring Hill has also advised that they will be submitting other requests for applications with Florida Housing Finance Corporation and staff recommends local government contribution for other RFAs if not selected for Local Government Area of Opportunity funding in the amount of $50,000.
FINANCIAL IMPACT
Funding for the above project in the amount of $390,000 is available in:
Fund: 1271 - St Housing Init 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 the review team’s recommendation and authorize the chairman’s signature on the attached forms for Florida Housing Finance Corporation of the selected developer.