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 MCP Residential Developers for Financial Assistance in the Amounts of $460,000 and $50,000 and Request for City Official Signature on Florida Housing Finance Corporation Local Government Verification Of Contribution Forms for a Proposed Promenade on Price Affordable Housing Development to be Located at 1800 E. Price Blvd.
Recommended Action
If the City Commission decides to provide financial assistance to MCP Residential Developers, the following options are provided:
* Provide a cash loan or cash grant in the amount of $460,000, and a cash grant, fee waiver, impact fee waiver, and/or fee deferral in the amount of $50,000, for a total contribution of $510,000;
* Provide a loan or grant in the amount of $460,000 only; or
* Provide a grant, fee waiver, impact fee waiver, and/or fee deferral in the amount of $50,000 only.
Alternatively, the City Commission may determine that it is not possible to commit financial assistance at this time.
Background Information
MCP Residential Developers proposes to build an affordable housing development consisting of up to 266 units on four parcels on E. Price Blvd, east of Toledo Blade, with 100 percent of the units dedicated to households earning 70 percent or less of the Area Median Income. The project is proposed to be funded in part through two programs managed through the Florida Housing Finance Corporation (FHFC).
The first FHFC program is the 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.
The second FHFC program is the Request for Applications 2023-205 SAIL Financing of Affordable Multifamily Housing D...
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