CITY OF ORLANDO
COUNCIL AGENDA ITEM

Items Types:
Housing 		For Meeting of:
October 10, 2016
District: 6 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No
Subject:
Local Government Contribution to support LIFT Orlando, Inc.aplication to FLorida Housing Finance Corporation for 4% LIHTC, Tax-exempt Bond Financing and SAIL Financing
Summary:

LIFT Orlando, Inc. will be submitting an application to the Florida Housing Finance Corporation (FHFC) for 4% LIHTC, Tax-Exempt Bond Financing and SAIL Financing, for Phase II of the Villages at West Lakes on Orange Center Blvd. Phase II will contain 120 units of affordable senior housing (62 years of age or older); 90% of the units (108 units) will be reserved for residents with incomes at 60% AMI or lower and 10% of the units (12 units) will be reserved for Persons with a Disabling Condition.

In order for LIFT’s application to be competitive and obtain the maximum number of points, a $100,000 funding commitment from the local government is required. City staff wishes to support LIFT’s funding application to FHFC for Phase II and is seeking City Council’s approval to commit $100,000 towards this Project.  The FHFC application deadline is October 13, 2016; applicants selected for funding will be announced on December 9, 2016.

If LIFT is successful in their application, they plan to seek additional funding from the City for construction expenses to fill the gap not covered by FHFC funding.
Fiscal & Efficiency Data: $100,000 in State or Federal funds.
Recommended Action:
Approve and authorize the Mayor to sign LIFT Orlando's application form committing $100,000 as a local government contribution towards Phase II of the Villages of West Lake development.
Agenda Item attachment(s) on file in the City Clerks Office.
Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.
Contact: Linda Rhinesmith
Approved By:

Department Date and Time
Budget Outside Routing Approval 10/4/2016 2:31 PM
City Clerk 10/4/2016 2:33 PM
ATTACHMENTS:
Name: Description: Type:
Local_Government_Verification_of_Contribution_–_Loan_Form.pdf Verification of Contribution form Backup Material
FIS_-_LIFT_Orlando_commitment.pdf FIS - LIFT Orlando commitment Backup Material
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