SUBJECT:
Title
Request Approval of Florida Housing Finance Corporation Local Government Verification of Contribution - Loan Form Between Marion County and Carrfour Apartments, LLLP (Budget Impact - Neutral; not to exceed $100,000)
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INITIATOR: |
DEPARTMENT: |
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Cheryl Butler, Director |
Community Services |
DESCRIPTION/BACKGROUND:
Carrfour Apartments, LLLP has applied to the Florida Housing Finance Corporation (FHFC) under the “2025-108 Housing Credit and SAIL Financing for Homeless Housing Developments” program. The proposed development, “Mercy Village”, located at 3601 W Silver Springs Boulevard will create 57 affordable rental units in Marion County.
In support of the application, the County is to execute the attached Local Government Verification of Contribution - Loan Form, committing $100,000 in the form of a reduced-interest loan. These funds are available from an eligible affordable housing grant administered by the Community Services Department, such as, but not limited to, the HOME Investment Partnerships Program (HOME) or the State Housing Initiatives Partnership (SHIP) program, and only if FHFC awards tax credits to the project.
All conditions outlined in the Preliminary Loan Commitment Agreement must be met before the formal funding contract and mortgage for approval is brought back for the Board’s consideration. No construction will begin prior to this final approval.
BUDGET/IMPACT:
Neutral; not to exceed $100,000
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman to execute the Florida Housing Finance Corporation Local Government Verification of Contribution - Loan Form associated with Carrfour Apartments, LLLP.
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