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Request From Summit Villas Senior, LLLP, a Partnership Comprised of Summit Fortis Development, LLC, and BHA Summit Villas Senior Incorporated, a Florida Not-for-Profit Corporation (an Arm of Brooksville Housing Authority) for Local Government Funding Contribution Through State Housing Initiative Partnership Program for Development
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BRIEF OVERVIEW
The Housing Authority has received a State Housing Initiative Partnership Program (SHIP) funding request from Summit Villas Senior, LLP for the Summit Villas development.
The request is for the Local Government Contribution requirement by Florida Housing Finance Corporation (FHFC) as part of the application for funding.
The recipient will be applying for funding for the FHFC Low Income Housing Tax Credit Program (LIHTC).
The amount is $340,000.00 and would require Board approval and signature of the Chairman on the Local Government Contribution form. The funding would come from the State Housing Initiatives Program (SHIP).
FINANCIAL IMPACT
Funding in the amount of $340,000.00 will come from SHIP funding.
LEGAL NOTE
The Board has the 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 signature on the attached Florida Housing Finance Corporation Local Government Verification of Contribution-Grant form from Summit Villas Senior, LLLP in the amount of $340,000.00.