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Request From ACRUVA Community Developers for Local Government Funding Contribution Through State Housing Initiatives Partnership HOME Investment Partnership Program for Arbors at Suncoast Development
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BRIEF OVERVIEW
ACRUVA Community Developers is requesting a grant in the amount of $20,000.00 as local government contribution for Florida Housing Finance Corporation RFA 2024-205 for the construction of Arbors of Suncoast for State Apartment Incentive Loan, SAIL Financing of Affordable Multifamily Housing Developments.
Arbors of Suncoast is a proposed new construction affordable housing development. The Developer is proposing a 52-unit family-oriented development, built in a 3-story Garden style. All units will be set aside at 70% of the AMI and below with a minimum of 15% of the unit set-aside at 30% of the AMI.
The Florida Housing Finance Corporation Local Government Verification of Contribution - Grant Form is attached for the Board's review and approval.
Hernando County is currently in the process of completing pre-award requirements with the US Department of Housing and Urban Development (HUD) to become a participating jurisdiction and receive Community Planning and Development funds. If the project is selected for funding by the Florida Housing Finance Corporation and Community Planning and Development funds are not received from HUD prior to the local government contribution commitment deadline, funds will be provided through the State Housing Initiatives Partnership (SHIP) program funding, also managed by the Department of Housing and Support Services.
FINANCIAL IMPACT
No financial impact at this time. If the project is chosen for Florida Housing Finance Corporation funding, a budget resolution will be brought forward to the Board for approval.
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 funding re...
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