DIAMOND SQUARE REDEVELOPMENT AGENCY AGENDA ITEM
Memo Date: February 15, 2024
Agenda Date: March 11, 2024
Prepared By: Charlene Neuterman, Community Services Director
Through: Stockton Whitten, City Manager
Requested Action:
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Request Agency approval of an Interlocal Agreement (ILA) for Affordable Housing construction and related costs, up to $800,000, in the Michael C. Blake Subdivision between the Diamond Square CRA and the City of Cocoa. Request Agency approval of a Resolution Amending the FY 2024 Budget, BAF #24-066-IF1, in the amount of $800,000, transferring this amount to the City's General Fund to complete the construction of the five affordable homes...End
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BACKGROUND:
In 2023, Staff requested approval from the Diamond Square CRA (DSCRA) for the purposes of constructing new homes in the Michael C. Blake Subdivision. The Agency approved the City Manager to negotiate with Community Housing Initiative (CHI) to build up to five new homes. The DSCRA budgeted $475,000 in FY 2024 towards the construction of the homes and $150,000 towards homebuyer assistance. Additionally, the City Council authorized the City Manager to negotiate an agreement with CHI to construct the homes. On June 6, 2023, the City executed an agreement with CHI to build the homes for $750,000. A groundbreaking ceremony was held on November 1, 2023 and construction began shortly thereafter.
As part of the DSCRA Plan Update of 2014, one of their goals is to create partnerships with local developers to promote affordable housing within the Diamond Square community. This partnership with CHI will create new affordable housing in Diamond Square that will improve the housing inventory.
CONSTRUCTION OF FIVE (5) AFFORDABLE HOMES IN THE MICHAEL C. BLAKE SUBDIVISION. The average construction cost for the new homes is $275,496, with an additional $55,730 for closing costs, developer fee and other associated fees on each home. With a starting budget of $1,225,000, ($475,000 DS...
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