TO: Honorable Mayor & Members of the North Port Commission
FROM: Jonathan R. Lewis, ICMA-CM, City Manager
TITLE: 2016/2017 Low Income Housing Tax Credit Program (LIHTCP) Contribution Findings
Recommended Action
Approve contribution allocations of $50,000, either monetary or in-kind, to support applications for the 2016/2017 City of North Port Contribution Reservation process for applicants participating in the State of Florida Low Income Housing Tax Credit Program (LIHTC).
Background Information
At the March 31, 2016 Commission Workshop, the topic of available housing stock to accommodate low to moderate income levels within the City was discussed. The City Commission gave direction to staff to develop a streamlined program and approach to those who wish to apply to the State of Florida for tax credits under the Low Income Housing Tax Credit Program (LIHTC). The Commission has had concerns regarding the limited information and time constraints to make decisions as far as community and contributions to these requests. These issues have been felt statewide, and have prompted many Cities and Counties to create a proactive program to streamline this process, gain the appropriate analysis, review by a ranking committee, and present findings to the Commission. This process leads to encouraging affordable housing to the appropriate areas and is at the Commissions discretion to contribute or not.
On July 26, 2016 the City Commission approved a formal application process in order to allow for vetting of applicants wishing to request the required $50,000 local funding contribution pursuant to the Low Income Housing Tax Credit Program through the State of Florida. As part of the newly created process, the City of North Port published a Notice of Request for Applications in the North Port Sun Herald on August 12, 2016 for Reservation of Contributions to the Development/Rehabilitation of Affordable Multi-Family Rental Housing funded through the State of Florida...
Click here for full text