Title
Heartwood February Update (B)
Explanation
At the December 17, 2018 CRA Board meeting, CRA Staff presented an update regarding affordable housing for the Heartwood subdivision. Since then, in an effort to meet the City’s affordable housing goals, CRA Staff had two of the home models modified to address the recommended 2,000 square footage or less total area. Both models were appraised and shared with Housing and Community Development (HCD) to determine the best financial model to provide affordable housing in Heartwood. The Finance Department identified funding for 8 of the 11 affordable housing homes in the Heartwood subdivision. Their intent is to continue to work on obtaining financing for the remaining 3 homes. In addition, HCD deemed 6 of the 12 available home models meet the requirements for affordable housing funding.
CRA Staff will provide an update on the affordable housing piece as requested and also bring the Board up to speed on developments with the two other avenues being pursued to sell homes at the Heartwood neighborhood.
The CRA’s site construction project is on schedule to be completed by April 2019.
Fiscal Note
Funds have been identified in the general fund.
Recommendation
Interim CRA Executive Director to CRA Board: CRA Board recommend approval of the affordable housing plan to the City Commission as presented.