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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 Assistance Plan Non-Profit Construction Strategy allows for funding up to $50,000 to be made available to area non-profit housing agencies and non-profit housing developers to partially underwrite the costs of construction or rehabilitating affordable homes. State Housing Initiatives Partnership (SHIP) 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 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 primarily targeting very-low-income families. Mid Florida Community Services, Inc., d/b/a You Thrive Florida has requested funding for a constructed unit located at 16071 Melbourne Street, Brooksville, Florida 34604.
Funds were used within the allotted time frame and the constructed unit was sold to a SHIP eligible applicant.
FINANCIAL IMPACT
The expense will go to Fund: 1271 - St Housing Init Prtnrshp, Department: 35051 - Ship Grant Housing Authority, Account: 5303498 - Constr Srv-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.