DEPARTMENT MAKING REQUEST
Human Services
Title
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State Housing Initiatives Partnership (SHIP) Loan for Blue Sky Communities, LLC - Blue Deep Creek
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REQUESTED MOTION/ACTION
recommendation
Recommended Action:
Authorize the State Housing Initiatives Partnership (SHIP) loan with Blue Sky Communities, LLC.
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budget
Budgeted Action:
No action needed. Budgeted in the SHIP fund as approved in the FY24 budget process.
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BACKGROUND (Why is this Action Necessary, and What Action will be accomplished)
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Background:
Blue Sky Communities, LLC has requested $400,000 in SHIP funding in support of the construction of Blue Deep Creek, a 70-unit affordable housing project for persons with income at or below 80% AMI (unit mix of 30%/60%/80% AMI), to be located on Luther Rd. in unincorporated Charlotte County. This loan is in conjunction with a Charlotte HOME application for incentives, subsidies, and funding to support the award of the Florida Housing Finance Corporation (FHFC) RFA 2023-201 9% tax credit. Blue Sky Communities, LLC was also awarded local preference for local government contribution in the amount of $340,000 toward their FHFC application through the 2023 Local Government Area of Opportunity (LGAO) RFA process on 09.12.2023. The associated Charlotte HOME awards are presented on the BCC Regular agenda on 09.10.2024 as well.
Per County policy and the current Local Housing Assistance Plan (LHAP), SHIP Multi-Family Construction (MFC) loans and loans exceeding $150,000 require BCC approval.
All loan documents (Mortgage, Note, and LURA) shall be prepared by the County Attorney’s Office and executed by the County Administrator or his designee pursuant to Resolution 2023-096.
Provided for Board reference are: the Local Housing Assistance Plan (LHAP) Multi-Family Construction/Rehabilitation strategy; Resolution 2023-096; and the Charlotte HOME application from Blue Sky Communities, LLC.
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