CITY COUNCIL AGENDA ITEM
Memo Date: October 30, 2020
Agenda Date: November 10, 2020
Prepared By: Nancy A. Bunt, Community Services Director
Through: Stockton Whitten, City Manager
Requested Action:
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City Council direction to provide a "Local Government Contribution" for the Housing Trust Group who is seeking Florida Housing Finance Corporation's (FHFC) SAIL Financing of Affordable Multifamily Housing Developments to be used in Conjunction with Tax-Exempt Bonds and Non-Competitive Housing Credits (RFA) 2020-205...End
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BACKGROUND:
The City has received a request for a local government contribution to the Florida Housing Finance Corporation's (FHFC) SAIL Financing of Affordable Multifamily Housing Developments to be Used in Conjunction with Tax-Exempt Bonds and Non-Competitive Housing Credits (RFA) 2020-205 under the "Local Government Contribution." The RFA cycle began August 6, 2020 and applications are due November 12, 2020. As part of the application, developments that obtain a Local Government Contribution provide evidence of a Local Government grant, loan, fee waiver and/or fee deferral, that is effective as of the Application Deadline, is in effect at least through June 30, 2021, and has a value whose dollar amount is equal to or greater than $50,000.
The City may not contribute cash loans and/or cash grants to more than one proposed Development applying for a Local Government Contribution. During the ranking process outline in Section 5 A of the RFA, if multiple applications demonstrate Local Government loans and/or grants from the same jurisdiction in an amount sufficient to qualify as a Local Government Contribution, then all such applications will be deemed ineligible to qualify for the considered Local Government Contribution.
The total amount of permanent funding resources, in the form of cash loans and/or cash grants from the City will, for purposes of the provision, be considered to be "Local Government Contribution." This fundi...
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