Item Coversheet

CITY OF RIVIERA BEACH CITY COUNCIL
AGENDA ITEM SUMMARY

Meeting Date: 11/30/2016 
Agenda Category:PUBLIC HEARING RESOLUTION
Subject: 

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVIERA BEACH, PALM BEACH COUNTY, FLORIDA, APPROVING $75,000 (LOCAL MATCH), IN THE FORM OF A GRANT, TO WENDOVER HOUSING PARTNERS TO BE USED AS A 9% TAX CREDIT FOR A 120 UNIT 55 PLUS AFFORDABLE HOUSING RENTAL COMMUNITY (“BERKELEY LANDING”) LOCATED AT 3100 BROADWAY AND 3124 BROADWAY TO COMPLY WITH THE LOW INCOME RENTAL HOUSING TAX CREDIT INCENTIVE REQUIREMENT UNDER THE FLORIDA HOUSING FINANCE CORPORATION; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND PROVIDING AN EFFECTIVE DATE.

Recommendation/Motion: Staff is recommending the City Council to consider approving this Resolution.  
Originating Dept Community Development  Costs N/A 
User Dept.Community Development  Funding SourceHousing Trust Fund
AdvertisedNo Budget Account Number
Date   
Paper   
Affected PartiesNot Required   
Background/Summary: 

The State of Florida enacted the William E. Sadowski Affordable Housing Act, Chapter 92-317 of Florida Sessions Laws, allocating a portion of documentary stamp taxes on deed to local governments for the development and maintenance of affordable housing.

 

Under the William E. Sadowski Affordable Housing Act, the Florida Housing Finance Corporation receives funding for the maintenance and development of affordable housing. The Florida Housing Finance Corporation has a Multifamily Rental Program that offers financing in the form of zero or low-interest loans to builders of affordable housing for new construction or substantial rehabilitation of multifamily rental units. 

 

The Low Income Housing Tax Credit Program, under the Florida Housing Finance Corporation Multifamily Rental Program, provides for-profit and non-profit organizations with equity based on a dollar-for-dollar reduction in federal tax liability for investors, in exchange for the acquisition and rehabilitation or new construction of affordable rental housing units. 

 

As a requirement for the Florida Housing Finance Corporation Low Income Housing Tax Credit Program, a developer must obtain a local tax incentive grant (9% of the total construction value) in order to qualify for funding. 

 

The Wendover Housing Partners desires to apply for a Low Income Housing Tax Credit with the Florida Housing Corporation for a 120 55 plus affordable rental unit development referred to as “Berkeley Landing”, attached hereto as Exhibit A,  on parcels of land known locally as 3100 Broadway (parcel control number 56-43-42-28-00-002-0020) and 3124 Broadway (parcel control number 56-43-42-28-42-000-0010). 

 

The Wendover Housing Partners desires to seek a local tax incentive grant from the City for $75,000 (local match) to be used for the Florida Housing Finance Corporation Low Income Housing Tax Credit Program. The local tax incentive grant from the City is contingent upon the Florida Housing Finance Corporation's approval of the Wendover Housing Partners Berkeley Landing application. Upon approval of the Wendover Housing Partners’ Berkeley Landing application from the Florida Housing Finance Corporation, the City will allocate funds for the $75,000 local tax incentive grant from the Housing Trust Fund. 

 
Fiscal Years2016
Capital Expenditures
Operating Costs
External Revenues
Program Income (city)
In-kind Match (city)$75,000 
Net Fiscal Impact$75,000
NO. Additional FTE Positions
(cumulative)

III. Review Comments

A. Finance Department Comments:
 
B. Purchasing/Intergovernmental Relations/Grants Comments:
 
C. Department Director Review:
Contract Start Date 
Contract End Date
Renewal Start Date
Renewal End Date
Number of 12 month terms this renewal
Dollar Amount
Contractor Company Name
Contractor Contact
Contractor Address
Contractor Phone Number
Contractor Email
Type of Contract
Describe
ATTACHMENTS:
File NameDescriptionUpload DateType
Resolution_Wendover_Housing_Partners_Florida_Housing_Finance.docxResolution - Wendover Housing Partners Local Grant Match11/21/2016Resolution
exhibit_A_Berkeley_Landing_Proposed_Development.pdfExhibit A Proposed Berkerley Development11/21/2016Exhibit
Local_Government_Verification_of_Contribution_–_Fee_Waiver_Form.pdfExhibit B Florida Housing Finance Corp Fee waiver form11/21/2016Exhibit
REVIEWERS:
DepartmentReviewerActionDate
Community Development AnswererApproved11/21/2016 - 5:43 PM
Financesherman, randyRejected11/22/2016 - 7:29 AM
Community Development AnswererApproved11/22/2016 - 1:33 PM
Financesherman, randyApproved11/22/2016 - 1:54 PM
AttorneyAnswererApproved11/22/2016 - 3:50 PM
City ClerkRobinson, ClaudeneApproved11/22/2016 - 4:41 PM
City ManagerAnswererApproved11/22/2016 - 5:13 PM