Summary:
LIFT Orlando, Inc. will be submitting an application to the Florida Housing Finance Corporation (FHFC) for 9% LIHTC, for Pendana, Phase II of the Villages at West Lakes on Orange Center Blvd. Phase II will contain 120 units of senior housing (62 years of age or older): 80% of the units (96 units) will be reserved for tenants with incomes at 60% AMI or lower; 10% of the units (12 units) will be reserved for Very Low Income Tenants with incomes at 40% AMI or lower, of which 6 units will be reserved for persons coming out of homelessness; and 10% of the units (12 units) will be reserved for tenants with incomes at 81% - 120% AMI.
In order for LIFT’s application to be competitive and obtain the maximum number of points, a $458,250 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 $458,250 towards this Project. The FHFC application deadline is December 30, 2016; applicants selected for funding will be announced in March, 2017.
On October 13, 2016 LIFT submitted an application to FHFC for 4% LIHTC, Tax-Exempt Bond Financing and SAIL financing for this Project. On October 10, 2016 City Council approved an initial $100,000 as a local government contribution to support and strengthen LIFT's application. LIFT’s application was not selected for FHFC funding so the City’s $100,000 contribution is no longer needed. |
Recommended Action:
Authorize the expenditure of up to $458,250 of City general fund revenue (or a lawful substitute from other local, state, or federal sources, or a combination thereof to a maximum of $458,250 from all sources) in support of Lift Orlando, Inc.'s ("Lift"), application to the Florida Housing Finance Corporation (the "FHFC") in response to the FHFC's RFA2016-113 and further authorizing the Mayor to execute the necessary and proper forms and documents evidencing the City's financial support for Lift's application, all on the condition that the Mayor determines and finds that Invictus Development has not submitted a complete application in response to the FHFC's RFA2016-113 on or before December 28, 2016.
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