Agenda Item Name:
Title
Alachua County Housing Finance Authority (HFA) State Apartment Incentive Loan (SAIL) Local Government Areas of Opportunity Funding Request
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Presenter:
Candie Nixon (352) 264-6717
Description:
The HFA will be funding $230,000.00 in support of SAIL towards a Low Income Housing Tax Credit (LIHTC) application and is requesting $230,000.00 in matching funding from the BoCC in order to reach $460,000.00 in Local Government Funding required to make the application more competitive.
Recommended Action:
Recommended Action
Match the HFA's loan funding commitment in the amount of $230,000.00 for an applicant that receives approval under the State Apartment Incentive Loan Program (SAIL); with the release of loan funding contingent on the applicant executing the appropriate loan and other documents required by the County that are consistent with applicable statutes and administrative rules governing the programs.
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Prior Board Motions:
None
Fiscal Consideration:
Fiscal Consideration
General Fund Loan of $230,000.00 that will only need to be appropriated if an award is received.
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Background:
The Housing Credit (HC) program provides for-profit and nonprofit organizations with a dollar-for-dollar reduction in federal tax liability in exchange for providing equity financing for the rehabilitation (with or without acquisition), or new construction of low and very low-income rental housing units. A Housing Credit allocation to a development can be used for 10 consecutive years once the development is placed in service and is designed to subsidize either 30 percent (the 4 percent tax credit) or 70 percent (the 9 percent tax credit) of the low-income unit costs in a development. Qualifying buildings include garden, high-rise, townhouses, duplexes/quads, or mid-rise with an elevator. Ineligible development types include hospitals, sanitariums, nursing homes, retirement homes, trailer parks, and life care facilities. This program o...
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