Title:
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Approve and authorize the release of the Attainable Housing Program Restricted Use Covenants (RUC) while maintaining the Affordable Housing American Rescue Plan Act (ARPA) RUC for the remainder of the affordability period for the donated lots to Florida Superior Properties Economic Community Services, Inc. (Florida S.P.E.C.S). District5 - Herr (Allison Thall, Community Services Director)
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Division:
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Community Services - Business Office
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Authorized By:
Allison Thall, Community Services Director
Contact/Phone Number:
Antoinette Cannon/407-665/2397
Background:
To address the impact of the coronavirus pandemic on affordable housing, the BCC approved an ARPA plan on April 25, 2022, to promote affordable housing in Seminole County.
On May 11, 2022, the Seminole County Community Services Department issued a $2 million dollar Notice of Funding Availability (NOFA) inviting proposals from qualified developers with shovel-ready projects to fully fund single-family homeownership units for first-time buyers.
On July 26, 2022, the BCC approved the donation of six County-owned parcels of land to Florida Superior Properties Economic Community Services, Inc. (“Florida S.P.E.C.S”). for affordable housing development. Florida S.P.E.C.S signed a Restricted Use Covenant (“RUC”) through the Attainable Housing program to build affordable homes on these parcels, with an affordability period of 30 years for families who have low and moderate incomes.
On January 10, 2023, the BCC approved and awarded ARPA funding for Florida S.P.E.C.S to construct and sell single-family homes on the originally donated lots. Florida S.P.E.C.S. signed an additional RUC for five of the parcels, allowing the construction of affordable homes for families with incomes that do not exceed 300% of the Federal Poverty Guidelines, differing from the income requirements in the original RUC from 2022.
Requested Action:
Staff requests the Board approve and authorize the release of the Attainable Housing Program Restricted Use Covenants (RUC) while maintaining the Affordable Housing American Rescue Plan Act (ARPA) RUC for the remainder of the affordability period for the donated lots to Florida Superior Properties Economic Community Services, Inc. (Florida S.P.E.C.S).