Submitted By: Roberto Ellis
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve disbursements from the Affordable Housing Incentive Fund for Truevet Medical Solutions, LLC and Big Will Properties, LLC to support the construction of single-family homes for low to moderate income households not to exceed $60,000
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND: The City encourages new construction and rehabilitation of affordable housing by offering housing incentives to offset development charges. These benefits are intended to promote affordable housing while maintaining quality construction and site design. Staff is proposing the disbursement of affordable housing incentive funds for applicants Truevet Medical Solutions, LLC and Big Will Properties, LLC. These incentives are provided as a reimbursement for applicable building permit and impact fee charges. The maximum incentive amount is not to exceed $20,000 per unit that is renovated or constructed.
The City will place a lien on the property, stipulating the 10-year affordable requirement of Sec. 106-105 of the City's Land Development Regulations. The applicants are required to repay the housing incentives if units intended for affordable housing fail to meet affordable thresholds within the 10 years following the issuance of a certificate of occupancy.
FINDINGS AND CONCLUSIONS:
Truevet Medical Solutions, LLC- NW Eighth Ave. (Parcel ID: 25759-000-000)
The property owner, Truevet Medical Solutions, LLC, plans to construct one single-family home at the intersection of NW Eighth Avenue and NW 11th Street. The size of the project will be approximately 1,400 square feet containing three bedrooms, two bathrooms, and a garage. The estimated construction cost is $120,000, and completion is expected within 12 months. Please refer to the attached packet for addition...
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