Title
AHAC Vision for Affordable Rental Housing Projects (NB)
Explanation
This item is a follow up to AHAC's funding recommendation process for affordable rental housing projects. One of the most efficient ways that cities and counties in Florida, including the City of Gainesville, fund the development of new affordable rental housing is by leveraging a relatively small financial contribution to projects applying for funding through the Low Income Housing Tax Credit (LIHTC) Program or the State Apartment Incentive Loan (SAIL) Program. These programs are administered by the Florida Housing Finance Corporation (FHFC) which is essentially a part of the State Government. The LIHTC and SAIL programs can be worth millions of dollars, so being chosen by the FHFC to participate in these programs often determines whether or not an affordable housing project is built.
For several years, the Affordable Housing Advisory Committee (AHAC) has evaluated and ranked projects that have applied to the City for a Local Government Contribution (LGC) that will allow the project’s developer to apply to FHFC for LIHTC or SAIL funds. After evaluating and ranking the applicants, the AHAC forwards its determination to the final decision makers (the City Commission for the LIHTC Program; the City Manager for the SAIL Program) as a funding recommendation.
During the AHAC’s most recent review of LIHTC and SAIL projects, some AHAC members noted that several projects did not match their vision for the community. As a result, staff has invited LIHTC and SAIL affordable housing developers to the AHAC’s April 13, 2021 meeting and is requesting that AHAC members discuss their answers to the following questions, for the developers:
1) What is your vision for the future of the community?
2) In general, what characteristics and amenities do you value for affordable rental housing projects? To which ones would you give the highest priority?
3) What recreational amenities would you like to see f...
Click here for full text