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 a disbursement from the Affordable Housing Incentive Fund for Arbour Valley Communities to support the construction of a 112-unit multifamily affordable housing development in the amount of $37,500
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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 and willing to participate in projects meeting the affordability thresholds established in Chapter 106 of the land development regulations.
Arbour Valley Communities (Applicant) intends to apply for the State Apartment Incentive Loan (SAIL) program offered by Florida Housing Finance Corporation. SAIL provides low-interest loans to affordable housing developers each year on a competitive basis. One program requirement is that developers receive a local government commitment in the form of a contribution (grant or loan) to support the project.
The proposed development is a 112-unit multifamily housing development for low to moderate-income families. A portion of the parcel is within the East Ocala Community Redevelopment Area (CRA). A synopsis of the project is provided under findings and conclusions; please refer to the attached Affordable Housing Incentive Fund Application for complete details.
FINDINGS AND CONCLUSIONS:
* The CRA boundary encompasses a portion of the parcel. The project cannot be funded by the CRA since the entirety of the parcel is not located within the boundary.
* The mixed-income development will target tenants within 40 percent of the area median income (AMI) to 80 percent of AMI, with an average AMI of 60 percent. The Housing and Urban Development (HUD) department reported that as of April 2024, the AMI for the Ocala Metropolitan Statistical Area (Marion County) is $73,700.
* The propert...
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