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Local Government Verification of Contribution Loan Form Committing Funds From State Housing Initiative Partnership Program to Developer Awarded Funding From Florida Housing Finance Corporation for Affordable Housing Project for The Brook
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BRIEF OVERVIEW
Housing and Supportive Services received a request from BG Hernando Owner 1 LP (which is affiliated with Balsam Green LLC) at the August 2026 Affordable Housing Advisory Committee meeting for a Local Government Contribution for Florida Housing Finance Corporation Request for Application for Housing Credit Financing for Affordable Housing Multifamily Development.
Per the development application the proposed project, titled “The Brook” will be located on an approximately 6.9-acre site on Rolling Rock Road in unincorporated Brooksville, Parcel ID No. R29 222 18 3735 0000 0070 Key No. 1747024, and will consist of 140 units, fully affordable with a target population of 35%-60% AMI levels. The property is currently owned by GTC LLLP but is under contract with the applicant, BG Hernando Owner 1 LP.
Staff recommend that the developer expand the target population to 30%-60% AMI levels, incorporate 1BR and 2BR units to at least 10% of individuals with incomes equal to or less than 30% AMI, and increase the development unit mix for 31-50% AMI to 20%.
This development, if approved, would be eligible for 100% ad valorem property tax exemption under Florida’s Live Local Act.
The developer has requested a local government contribution of $20,000 in the form of a forgivable zero interest loan deferred for twenty (20) years with the funding secured by a subordinated mortgage and note. If that request is not approved, the developer requests a fee waiver in the amount of $20,000.
STRATEGIC PLAN INITIATIVES
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FINANCIAL IMPACT
The request for $20,000 will be taken from HOME Partnership Investment funds if the application is approved by FHFC or State Housing Initiative Partnership Program funding
Expens...
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