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...
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