Title
Request from Jennings Development Group, Inc. To Assist Affordable Housing in Mixed-Use Development (B)
Explanation
Jennings Development Group, along with their partners HKW Enterprises and The Carlisle Group, has requested in a letter to the Mayor and City Commission that the City provide financial assistance to a 100- unit affordable multi-family development as part of a mixed-use development which would also include commercial and retail, on Southeast Hawthorne Road at 24th Street. The developer indicates in the request letter that the residential units will be marketed to families earning up to 80% of the area median income. The developer wishes to apply for the tax credit program administered by the Florida Housing Finance Corporation, which involves a competitive application process.
The City has no program established at this time to assist with new multi-family affordable housing developments.
Fiscal Note
There is a specific funding amount, $100,000 in participation by the City, noted in the request letter.
Recommendation
Hear a request from the developer and provide direction to staff as appropriate.