Subject:
Title
Affordable Housing Funding Agreements with CASL Independence LLC for Independence Place.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Agency Agreement, Land Use Restriction Agreement, and a Subordination Agreement with CASL Independence LLC for an affordable housing new construction project known as Independence Place.
• Update: Attachments # 1, 2, and 4 were updated as they contained an inaccurate legal description. The developer provided the revised attachments and the County Attorney has reapplied his AATF stamp.
• The new construction project will include 20 multi-family rental housing units that will serve Special Needs households. All 20 units will be restricted as follows: seven (7) units for 30.0% Area Median Income (AMI) or below, and (13) units for 60.0% AMI or below.
• The project was approved by the Board of County Commissioners (Board) on August 5, 2025 (Granicus Item #25-0906A), for up to $1,375,000.00 of Federal HOME-ARP funding for the construction of the affordable housing project.
• The Land Use Restriction Agreement (LURA) associated with the project will restrict (6) units for a 20-year affordability period.
• The total development cost is estimated to be $9,132,849.00. Other sources of funding include FHFC Grant ($1,044,500.00), FHFC HOME-ARP ($1,599,100.00), FHFC SAIL ($4.2M), Bob Roskamp Foundation ($126,000.00), and a Deferred Developer Fee ($788,249.00).
• The project is located at 13000 Park Boulevard, Seminole, Florida.
• Funding for the agreement of $1,375,000.00 was committed in Fiscal Year 2025 (FY25) through item 25-0906A and has been carried into the FY26 Budget in the Community Development Fund.
• Authority for the County Administrator to sign the Agency Agreement, LURA, and Subordination Agreement is granted by Board action on August 5, 2025, Granicus Item #25-0906A.
Body
Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Approval and execution of the Agency Agreement, LURA, and Subordination Agreement with CASL Independence LLC will provide funding for Independence Place, a new construction project consisting of 20 units of affordable housing that will serve Special Needs households, located at 13000 Park Boulevard, Seminole, Florida. The units will be restricted for households as follows: seven (7) units for 30.0% Area Median Income (AMI) or below, and (13) units for 60.0% AMI or below.
Background/Explanation:
On August 5, 2025, in Granicus Item # 25-0906A, the Board approved funding for the Independence Place new construction project. The County will use Federal HOME-ARP funds to provide $1,375,000.00 in support for construction cost reimbursement. The LURA associated with this project will impose a 20-year affordability period for six (6) assisted units.
Fiscal Impact:
The total projected funding amount is not to exceed $1,375,000.00. The affordable housing project will be funded from Federal HOME-ARP funds.
Funding for the agreement of $1,375,000 was committed in FY25 through item 25-0906A and has been carried into the FY26 Budget in the Community Development Fund.
Delegated Authority:
Authority for the County Administrator to sign the Agency Agreement, LURA, and Subordination Agreement is granted by Board action on August 5, 2025, Granicus Item #25-0906A.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager, Housing and Community Development
Partners:
Florida Housing Finance Corporation
Attachments:
Agency Agreement
Land Use Restriction Agreement
Mortgage and Promissory Note
Subordination Agreement
Reference - Granicus Item #25-0906A- Staff Report, August 5, 2025.