Subject:
Title
Affordable housing funding recommendation for The Arc Tampa Bay, Inc. for renovations at the Indiana Group Home.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of funding for The Arc Tampa Bay, Inc. (ARC) for renovations at the Indiana Group Home.
• The funding recommendation for the Indiana Group Home is $42,400.00 utilizing State Housing Initiatives Partnership (SHIP) funds for renovations.
• The project located at 1290 12th Street, Palm Harbor is a nine (9) unit existing multifamily residential property that serves individuals with special needs and incomes less than 50.0% of the Area Median Income (AMI).
• Execution of a Land Use Restriction Agreement is required and will impose a 30-year affordability period.
• The total project cost is estimated to be $42,400.00.
• Funding will be in the form of a no interest, no payment, forgivable loan.
Funding for this request is included in the FY24 Adopted Budget of the Housing and Community Development Department in the State Housing Initiatives Partnership (SHIP) Fund. Body
Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.4 Support programs that seek to prevent and remedy the causes of homelessness and move individuals and families from homelessness to permanent housing
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
ARC applied for $42,400.00 of affordable housing funding for the Indiana Group Home. The project is for renovations within a multifamily residential property for individuals with special needs. The property is located at 1290 12th Street, Palm Harbor, FL 34683.
SHIP funds will be used to fund the project. The project meets SHIP eligibility requirements and will serve a SHIP target population. Funding will be provided as a no interest, no payment, forgivable loan, provided ARC remains in compliance with the restrictions for the term of the affordability period.
Execution of the Land Use Restriction will restrict three (3) of the units for persons with incomes less than 50.0% AMI for the duration of the 30-year affordability period.
Background/Explanation:
The SHIP Program provides funds to local governments as an incentive to create partnerships that produce and preserve affordable homeownership and multifamily housing. The program is designed to serve very low-, low- and moderate-income families.
Fiscal Impact:
Total maximum loan amount is $42,400.00, which includes estimated recording fees for the loan documents. Funding for this request is included in the current-year budget of the Housing and Community Development Department in the State Housing Initiatives Partnership (SHIP) Fund. Funding will be in the form of a forgivable loan.
Delegated Authority:
Authority for the County Administrator to sign these Agreements is granted under Resolution No. 21-22 and section 2-62 of the County Code.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
N/A
Attachments:
Agency Agreement
Land Use Restriction Agreement
Mortgage and Note
Resolution No. 21-22