LEGISLATIVE ACTION ITEM
SPONSOR: D.C. Reeves, Mayor
SUBJECT:
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AMENDMENT TO INTERLOCAL AGREEMENT WITH ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY
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RECOMMENDATION:
recommendation
That City Council approve the Amendment to the Interlocal Agreement for Local Government Contribution for SAIL Financing of Affordable Multifamily Developments to be Used in Conjunction with Tax Exempt Bonds and Non-Competitive Housing Credits with the Escambia County Housing Finance Authority to coordinate local government support of applications from developers within the City limits for Florida Housing Finance Corporation multi-family RFAs requiring tax exempt bonds. Further, that the Council authorize the Mayor to take the actions necessary to execute and administer this Amendment, consistent with the terms of the Amendment and the Mayor’s Executive Powers as granted in the City Charter.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
City Council approved an Interlocal Agreement with the Escambia County Housing Finance Authority (ECHFA) in October 2022 in order to provide collaborative support for multi-family developments within the City limits that are applying for housing tax credits and/or State Apartment Incentive Loan (SAIL) funding through Florida Housing Finance Corporation’s (FHFC) annual funding cycles, specifically for the SAIL Financing of Affordable Multifamily Developments to be used in Conjunction with Tax-Exempt Bonds and Non-Competitive Housing Credits. Under the existing Interlocal Agreement, ECHFA would provide the minimum funding contribution required by the RFA in order for developments to receive maximum points during the scoring process for developments to receive funding consideration by FHFC.
This Amendment extends the Interlocal Agreement for another year, expands the RFAs covered by the Agreement to include those to be issued in response to the Live Local Act of 2023, and updates contact information.
Application support and review will continue to be provided collaboratively between the ECHFA and the City Housing Department. Due to limited funding from FHFC, there is no guarantee that proposals selected for support by the City and ECHFA will be funded by FHFC. This partnership does ensure that developments that are submitted are given maximum consideration by the state and provides a funding mechanism for the required local government contribution for RFAs issued in conjunction with tax exempt bond financing.
PRIOR ACTION:
October 13, 2022-City Council approved an Interlocal Agreement with Escambia County Housing Finance Authority
FUNDING:
N/A
FINANCIAL IMPACT:
No City general or grant funds are provided under this Agreement Amendment. Funds for the minimum local government contribution will come from the ECHFA and will only be provided if a development is selected for funding through FHFC.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
10/9/2023
STAFF CONTACT:
Kerrith Fiddler, City Administrator
David Forte, Deputy City Administrator
Meredith Reeves, Interim Housing Director
ATTACHMENTS:
1) ECHFA Amendment to Interlocal Agreement
PRESENTATION: No end