Title:
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Approve and authorize the Chairman to execute the State Housing Initiatives Partnership (SHIP) and HOME Investment Partnership Program Funding Agreement with Riverbend Landings Partners, Ltd. (Owner) and Riverbend Landings II Partners, Ltd. (Developer), with $1,000,000 funded by SHIP and $50,000 funded by HOME for the development of Riverbend Landings Apartments for the construction of a 146-unit affordable housing rental development and all subsequent documents and revisions. District5 - Herr (Allison Thall, Community Services Director)
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Division:
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Community Services - Community Development
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Authorized By:
Allison Thall, Community Services Director
Contact/Phone Number:
Tadine Diaz/407-665-2388
Background:
As an Entitlement Community, Seminole County is allocated Federal HOME Investment Partnership Program funds annually through the U.S. Department of Housing and Urban Development (HUD). In the Annual Action Plan, Seminole County details how it will utilize these funds to address the affordable housing needs of residents of Seminole County.
In addition, Seminole County receives an annual allocation of State Housing Initiatives Partnership Program (SHIP) funds, for the purpose of creating affordable housing for Seminole County residents. In the development of the three (3) year SHIP Local Housing Assistance Plan (LHAP), strategies have been established to ensure the local affordable homeownership and rental housing needs are met. On May 4, 2022, the Board approved the three (3) year SHIP Local Housing Assistance Plan (LHAP) for program years 2022-2025 and includes the allocation of SHIP funding toward the construction and rehabilitation of rental housing.
In July 2023, Riverbend Landings Partners Ltd. (Owner), was awarded a State Apartment Incentive Loan (SAIL) through the Florida Housing Finance Corporation. As a condition of the award, the SAIL program requires a $50,000 Local Government Contribution. Seminole County committed $50,000.00 of HOME Investment Partnership Program funding for the construction of Riverbend Landings Apartments, a 146-unit affordable rental housing development located in Sanford.
In addition, on August 27, 2023, the Community Services Department issued a Notice of Funding Availability (NOFA) to identify qualified multi-family and/or single-family rental housing projects that are seeking gap funding. Riverbend Landings Partners Ltd. (Owner) responded to the NOFA and staff recommended awarding $1,000,000.00 of State Housing Initiative Partnership Program (SHIP) funding for construction.
Riverbend Landing II Partner Ltd. (Developer) is expected to complete construction and lease to low- to moderate-income renters in 2026. With the HOME and SHIP allocations, fifteen (15) units will remain affordable for a period of fifty (50) years, as specified in the Restrictive Use Covenant for the property.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the State Housing Initiatives Partnership (SHIP) and HOME Investment Partnership Program Funding Agreement with Riverbend Landings Partners, Ltd. (Owner) and Riverbend Landings II Partners, Ltd. (Developer), with $1,000,000 funded by SHIP and $50,000 funded by HOME for the development of Riverbend Landings Apartments for the construction of a 146-unit affordable housing rental development and all subsequent documents and revisions.