TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Action Regarding Request from Blue Sky Communities for Financial Assistance in the Amount of $460,000 and Request for City Official Signature on Florida Housing Finance Corporation Local Government Verification of Contribution Form for a Proposed Blue Willow Cove Affordable Housing Development to be Located at 5400 Pan American Boulevard.
Recommended Action
The City Commission may choose to take one of the following actions:
* Provide a cash grant in the amount of $460,000; or
* Decline to provide financial assistance.
Background Information
Blue Sky Communities proposes to build an affordable housing development consisting of 74 units on one 11.38-acre parcel located at 5400 Pan American Boulevard, with 100 percent of the units dedicated to households earning below 30, 60, and 80 percent of the Area Median Income. The project is proposed to be funded in part through Florida Housing Finance Corporation (FHFC) Local Government Area of Opportunity (LGAO) Funding Goal under Request For Applications 2023-201 Housing Credit Financing for Affordable Housing Developments Located in Small and Medium Counties. This program requires a $460,000 cash loan or cash grant provided by the Local Government.
It should be noted that a Local Government is allowed to contribute to only one development per year under the LGAO program. When there are multiple developments requesting financial assistance for the same year, the Local Government must decide which, if any, project to provide a contribution.
Strategic Plan
Economic Development and Growth Management
Financial Impact
The City of North Port does not have a dedicated funding source for development of affordable housing and funds would need to be identified and/or moved from other priorities or projects to accommodate this request. The requested cash grant for $460,000...
Click here for full text