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Non-Profit Construction Deferred Loan Agreement With Mid Florida Community Services, Inc., d/b/a You Thrive Florida Through State Housing Initiatives Partnership Program
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BRIEF OVERVIEW
The Hernando County Local Housing Plan allows for funding up to $50,000 to local non-profit housing agencies and/or developers to partially underwrite the costs of construction or rehabilitation for affordable homes. The State Housing Initiatives Partnership (SHIP) program funds invested into the unit will be converted into a dollar-for-dollar reduction in the sales price of the home to a SHIP eligible down payment assistance buyer.
These funds enhance the affordability of the home and enable the non-profit housing sector to increase the number of affordable housing units produced for SHIP eligible homebuyers within Hernando County, thereby increasing homeownership opportunities for very low-income families.
Mid Florida Community Services, Inc., d/b/a You Thrive Florida has requested funding in the amount of $50,000 to aid in the construction of a housing unit located at 16077 Melbourne Street, Brooksville, FL 34604, Key No. 1373953 in Tangerine Estates.
FINANCIAL IMPACT
The funding request amount of $50,000 will come from:
Expense:
Fund: 1271 – St Housing Init Partnership, Department: 35051 – Ship Grant Housing Authority, Account: 5303498- Constr Serv- NP Construct
LEGAL NOTE
The Board has authority to act pursuant to Chapter 420, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached SHIP Non-Profit Construction Deferred Loan Agreement to Mid Florida Community Services, Inc., d/b/a You Thrive Florida, in the amount of $50,000, as well as the accompanying Land Use Restriction Agreement