Title
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Charlotte HOME Recommendation and SHIP/HHR Loans - Solis Investments, LLC for 200 Aqui Esta Drive
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recommendation
Human Services
a) Approve the application, award incentives, and fee subsidies as recommended; or
b) Approve the application, award incentives, and fee subsidies with modifications to the recommendation; or
c) Deny the application; and
d) If approved, authorize the County Administrator, or his designee, to approve and execute the Land Use Restriction Agreement (LURA) outlining the Charlotte Housing Opportunities Made Easier (HOME) Program covenants and terms of affordability and compliance; and
e) Authorize the State Housing Initiatives Partnership (SHIP) loan with Solis Investments, LLC; and
f) Authorize the Hurricane Housing Recovery (HHR) loan with Solis Investments, LLC.
**Change, Added attachment - Revised Presentation, 4/16/2025**
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Budgeted Action:
No action needed. A Budget Adjustment to the Affordable Housing Trust Fund will be brought to the Board when incentives are awarded.
Background:
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Solis Investments, LLC applied to Charlotte HOME for incentives, fee subsidies, and funding for 10 affordable units in an 18-unit mixed-income multi-family rental development to be located at 200 Aqui Esta Drive in Punta Gorda. The Developer proposes a 50-year term of affordability on the 10 floating units, reserved for households with income at or below 80% Area Median Income (AMI). The remaining 8 units will be offered at market rate. The project is shovel ready.
The Charlotte HOME Review Committee reviewed and scored the application at a publicly noticed open meeting on 12.18.2024. With an average score of 103, the development qualifies as Tier IV. The Committee approved Tier I incentives, including expedited permitting and County impact fee waiver of $22,500. As a Tier IV application, they further recommend “100% of eligible public fees not to exceed $650,000.” The Affordable Housing Advisory Committee (AHAC) approved the recommendation by unanimous vote, contingent upon the submission of a detailed schedule of eligible public fee estimates.
Public fees are estimated at approximately $106,000; $18,000 in City impact fees; $10,000 in permit fees; and $77,000 in utility fees. Estimates and invoices were provided. Additionally, if authorized, a $400,000 repayable SHIP loan and $400,000 repayable HHR loan, both at 3% interest for 30 years, will also be awarded.
Requesting BCC approval of:
1) Public fee subsidy award and Affordable Housing Trust Fund (AHTF) encumbrance not to exceed $105,477.33; and
2) Authorization of the SHIP and HHR loans in excess of $150,000 each.
Provided for review and consideration are: Charlotte HOME application and supplemental funding request; cumulative scoring matrix with recommendation; Charlotte HOME Incentive Award Criteria; project budget and fee schedule (sources and uses); site and floor plans; the Local Housing Assistance Plan (LHAP) Multi-family Construction strategy (for reference); the AHTF Encumbrance and Project Update report; and a presentation for the April 22, 2025 Regular agenda.
If approved, a Land Use Restriction Agreement (LURA) and loan documents will be prepared by the County Attorney’s office outlining the term of affordability, tenant eligibility criteria, loan terms, and other compliance criteria for execution at a later date.
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