Submitted By: Roberto Ellis
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Presentation By: Roberto Ellis
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Adopt Budget Resolution 2025-100 amending the Fiscal Year 2024-25 budget to appropriate funds to support affordable housing initiatives from the West Ocala Community Redevelopment Area Reserve for Fund Balance in the amount of $50,000
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Operational Excellence
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
On March 19, 2024, the Community Redevelopment Agency (CRA) Board approved implementing the CRA Affordable Housing Program (AHP) in the West Ocala, East Ocala, and North Magnolia CRA subareas. The program assists low-income households with easing the cost burden and improving their ability to meet housing needs. The CRAs offer these incentives to offset development costs, preserve existing housing stock, and provide affordable housing solutions.
The Growth Management Department (GMD) and Community Development Services (CDS) staff collaborate to identify suitable projects and applicants while overseeing the program's implementation. This initiative also complements CDS's state and federal programs, helping to mitigate the impact of recent funding reductions.
While the AHP specifically assists low-income households, other grants are available to community members who can fund improvements upfront and then be reimbursed by the CRA.
FINDINGS AND CONCLUSIONS:
In Fiscal Year 2023-24, $150,000 was allocated for projects in the West Ocala CRA subarea. To date, staff has committed all the funding available for projects located within the CRA boundary. Staff is requesting the appropriation of additional funds in the amount of $50,000 for planned projects.
On January 23, 2025, the West Ocala CRA Advisory Committee met and confirmed they support appropriating additional funds for the program. Staff recommends approval, as the program aligns with the CRA's redev...
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