SUBJECT:
Title
Request Approval of Marion County Standard Professional Services Agreement State Housing Initiative Partnership New Construction Project Financing Between Marion County and Crystal Park Apartments, LLC (Budget Impact - Neutral; not to exceed $1,000,000)
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INITIATOR: |
DEPARTMENT: |
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Cheryl Martin, Director |
Community Services |
DESCRIPTION/BACKGROUND:
Crystal Park Apartments, LLC's mission is to prioritize affordable housing, as rental units in Marion County continue to increase. On March 27, 2023, Crystal Park Apartments, LLC, applied to Community Services Notice of Funding Availability for State Housing Initiatives Partnership (SHIP) Funds to assist in the development of affordable rental units for low to moderate-income individuals located within an identified strategic area at 1348 NW 27th Ave, Ocala, FL 34425.
On December 5, 2023, the Board approved Resolution 23-R-574 to allow the Housing Finance Authority of Marion County to apply for a multifamily housing revenue bond on behalf of Crystal Park, LLC. The proposed project encompasses 144 units on approximately 13.46 acres and was awarded the $32 million bond by Florida Housing Finance Corporation. All 144 units are considered affordable/workforce housing that will be available to households whose income do not exceed 120% of the area median income. Staff recommends funding eight (8) units to serve 50% and 80% area median income households with the County’s SHIP grant not to exceed $1,000,000. A SHIP mortgage (attached) will be recorded against the property for 30 years.
The average rent for the 144 units will range Between $620.00 and $2,000.00 based on household income and number of bedrooms per unit. The roads and infrastructure for this project are completed, and it is anticipated that construction will begin in early fall. This project aligns with the Empower Marion for Success II plan “incentivizing and addressing infill projects for lands within the urban growth boundary.”
BUDGET/IMPACT:
Neutral; not to exceed $1,000,000.00
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman and Clerk to execute all necessary documentation associated with Marion County Standard Professional Services Agreement between Marion County and Crystal Park Apartments, LLC.
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