Summary Alachua County Housing Authority (ACHA) Director Ken Armstrong announced to the Alachua City Commission at its September 10, 2018 meeting that the ACHA selected a co developer and will later this month file an application with the Florida Housing Finance Corporation (FHFC) to fund Phase 1 of a two phase project to replace the 63 nearly 50 year old residential buildings in the Merrillwood affordable Housing neighborhood with up to 180 new energy efficient town homes. Phase 1 will be the replacement of 33 units with up to 93 units thus adding 60 new homes to the neighborhood. More than $21 million will be invested in Phase 1 including funds to move current residents to a different location. All will be given the opportunity to return to a new unit.
The 60 additional units will be supported by Project Based Vouchers (PBV) meaning they will be specific or tied to Merrillwood. The new population allocation will include concentration on seniors and veterans. A new APD Annex and Community Center is being worked in to the plans. Renderings of potential exterior elevations, the community center and photos of standard interior spaces are attached along with a Source and Use of Funds statement and Projection of Income.
This matter is brought back to the City Commission after staff was directed at the September 10th Commission meeting to follow up on the ACHA request for City support of the ACHA application for FHFC funding of the Merrillwood Project.
The specific request, here recommend by staff, is that the City Commission formally commit (pledge) to grant a $425,625, low interest (2%), short term (2 yrs. from funding date which is 90 days after accepting residents), one payment "balloon note". The note to be specifically tied to and contingent upon the FHFC awarding financing to fund Phase I of the Merrillwood Project, the project being constructed and accepting residents. Only then will the City be obligated to fund the loan within 90 days. The Local Government Contribution, evidenced by the Commission adopting and executing the attached "THE FLORIDA HOUSING FINANCE CORPORATION LOCAL GOVERNMENT VERIFICATION OF CONTRIBUTION-LOAN FORM" will be made a part of the FHFC application to cause the awarding of additional points to considerably support the Application.
Phase 2 includes a planed Assisted Living Facility and the replacement of the remaining 33 units resulting in the addition of 60 or more total units. Phase 1 and Phase 2, individually and together, are major strides toward meeting Initiative 4.2 of the City Commission Strategic Plan to encourage the construction of senior living housing opportunities including assisted living facilities. |