DEPARTMENT MAKING REQUEST
Human Services
Title
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Local Government Area of Opportunity (LGAO) 2025
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REQUESTED MOTION/ACTION
recommendation
Recommended Action:
a) Approve the Charlotte HOME Review Committee recommendation for Housing Trust Group’s Murdock Square to receive local preference for LGAO 2025 and local government contribution of $340,000, contingent upon the award of the 9% Low-Income Housing Tax Credit (LIHTC) through Florida Housing Finance Corporation (FHFC) RFA 2025-201; and
b) Authorize the Chairman to execute the LGAO Funding Form for submission with the developer’s application.
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budget
Budgeted Action:
No action needed. A Budget Adjustment to the Affordable Housing Trust Fund will be brought to the Board when incentives are awarded.
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BACKGROUND (Why is this Action Necessary, and What Action will be accomplished)
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Background:
Local Government Area of Opportunity (LGAO) funding is for developers seeking local preference and local government contribution toward their application for Florida Housing Finance Corporation’s (FHFC) RFA 2025-201 Housing Credit Financing for Affordable Housing Developments Located in Medium and Small Counties. The minimum contribution amount is $340,000. The available, unencumbered balance in the Affordable Housing Trust Fund as of 10.01.2025 is $348,043.27.
A Request for Applications (RFA) for LGAO was issued on 09.11.2025. With an application deadline of 10.08.2025, only one (1) application was received from the Housing Trust Group (HTG) for Murdock Square, a proposed 88-unit property with units reserved for households with income at or below 60% Area Median Income (AMI). The term of affordability is proposed for 50 years, as required for 9% LIHTC projects. The parcel is located at 19400 Veterans Blvd. in Port Charlotte. It is zoned General Industrial. A Live Local designation has been requested and is under review. A disposition on that request will be required in order for HTG to be eligible to submit for RFA 2021-205.
The Charlotte HOME Review Committee reviewed and scored the application at a publicly noticed open meeting on 10.15.2025, where an average score of 75 out of 100 was received, qualifying the project for Tier I incentives: expedited permitting and waiver of impact fees. Additionally, the review committee recommended the award of a $340,000 loan at the developer-proposed terms (4.09% interest, soft pay, amortized over 30 years, maturity being coterminous with the first mortgage - 15 years), contingent upon the award of FHFC RFA 2025-201. The Affordable Housing Advisory Committee (AHAC) approved that recommendation at its regular meeting, also held on 10.15.2025. The application to FHFC in response to RFA 2025-201 is due on or about 11.18.2025. The FHFC Review Committee meeting is scheduled for 01.15.2026 with FHFC Board approval of committee recommendations slated for 01.30.2026.
It should be noted that this parcel is uniquely qualified for 1 of the FHFC priority funding goals. It is located in a Small Area Difficult Development Area, or SADDA, which provides a “competitive goal advantage.” We are encouraged by this development, as otherwise, Charlotte County would not have qualified for any of the priority funding goals. Should the BCC award the local government contribution contingent upon the award of RFA 2025-201, and the parcel receive the LLA designation being sought, this application has a good chance of being funded.
Provided for BCC review and consideration are: the RFA issued on 09.11.2025; the full LGAO application for Murdock Square; the Charlotte HOME Review Committee cumulative scoring matrix with committee and AHAC recommendation; and the FHFC-required LGAO Funding Form for execution by the Chairman, if approved.
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