SUBJECT:
Title
Request Approval of Florida Housing Finance Corporation Local Government Verification of Contribution Form Between Marion County and SAGE Partners LLC, Forest Springs Project (Budget Impact - Neutral; not to exceed $37,500)
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INITIATOR: |
DEPARTMENT: |
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Cheryl Butler, Director |
Community Services |
DESCRIPTION/BACKGROUND:
SAGE Partners, LLC is applying to the Florida Housing Finance Corporation (FHFC) under RFA 2026-205, State Apartment Incentive Loan (SAIL) Financing of Affordable Multifamily Housing Developments to be used in conjunction with tax-exempt bond financing and 4% housing credits. The proposed development, Forest Springs, will be located on the south side of Southwest 20th Court at its intersection with Southwest 23rd Avenue and will create 108 affordable rental units in Marion County.
On July 7, 2026, the Board approved $17 million in tax-exempt bond financing through the Housing Finance Authority of Marion County (HFA). As a result, this project qualifies for the 4% housing tax credits based on the HFA bond financing, and the developer is now pursuing SAIL funding to address the project's remaining funding gap. The total project will cost approximately $32,047,359.
In support of this application, the County is asked to execute the attached Local Government Verification of Contribution Form, committing $37,500 as a 30-year forgivable loan. These funds would come from an eligible affordable housing grant administered by the Community Services Department - such as the HOME Investment Partnerships Program (HOME) or the State Housing Initiatives Partnership (SHIP) program - and would be disbursed only if FHFC awards tax credits to the project.
Should the project move forward, all conditions of the Preliminary Loan Commitment Agreement must be satisfied before the formal funding contract and mortgage return to the Board for consideration. No construction will begin prior to that final approval.
BUDGET/IMPACT:
Neutral; not to exceed $37,500
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman to execute the Florida Housing Finance Corporation Local Government Verification of Contribution Form associated with SAGE Partners, LLC, Forest Springs, and any other necessary documents associated with this request.
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