The Alachua County Housing Finance Authority (the “Authority”) announces the availability of funds and is requesting applications for the consideration of providing local government support for qualified multifamily housing developments which meet the goals of the Authority and comply with applicable federal and state law.
The Authority has adopted the following guidelines to set forth the general requirements and procedures that apply to the financing of multifamily housing developments. The Authority may waive specific provisions of these guidelines where good cause is shown and adequate supporting documentation is provided. Any waiver is at the sole discretion of the Authority, and may require approval by the Alachua County Board of County Commission. In addition, these guidelines may be amended, revised, repealed or otherwise altered by the Authority with or without notice. The Authority specifically welcomes requests for proposed alternative resident programs or development/unit features.
All applications submitted will be reviewed by the Authority’s Financial Advisor, who will make recommendations to the Board. The Board will decide whether or not to authorize commitment letters and loans providing Local Government Area of Opportunity Funding for developments seeking FHFC Housing Credits in conjunction with FHFC RFA 2021-201. Submission of an application does not entitle the Applicant to financing, even if sufficient funds remain. The Authority will not consider issuing commitment letters to provide financing for any development unless the applicant has satisfied the general requirements set forth in these guidelines, submits a timely, complete, and acceptable application and complies with all of the procedures and requirements contained within the Authority’s application procedures and program guidelines. Copies of the Application are available at the Authority’s website or upon request by email to [email protected] The Authority reserves the right to impose additional requirements on any particular development. Compliance with these guidelines does not and shall not create any right by an applicant to a commitment or assurance that the Authority will provide the requested financing. The Authority provides local government support to assist in the construction, rehabilitation and permanent financing of multifamily housing developments.
The estimated amount of funds available for local government support is approximately $460,000.00. Up to this amount may be used for multi-family developments seeking Housing Credits from FHFC pursuant to FHFC RFA 2021-201 and a Local Government Contribution from HFA. The amount utilized may be increased or decreased at the sole discretion of the HFA.The maximum amount of the Local Government Contribution loans funded pursuant to this NOFA is the amount that will allow local projects to score the maximum number of points for local government contribution under FHFC RFA 2021-201. Loans will be structured to achieve a net present value contribution of the amount necessary to score the maximum amount of points. All applications received will compete with each other and be selected by the Authority for the available funding. Applications will be reviewed against the criteria listed below and, if selected, each loan will be subject to the minimum loan terms stated below. Applications related to FHFC RFA 2021-201 or any other FHFC RFA are due no later than 5:00 PM, Eastern Standard Time, August 06, 2021 the application cycle will be processed according to the Authority’s guidelines (which guidelines provide, however, that any remaining allocation available after the application cycle may be made available to applicants on a first-come, first-served basis).
For more information, contact Stephen Weeks. Applicants must submit an original and a total of two (2) copies to the Authority as follows: An original, one (1) hard copy, and a PDF of the entire application, and a $1,500 application fee (check to HFA) to: Alachua County Housing Finance Authority 218 SE 24th Street Gainesville, Florida 32641 [email protected] GUIDELINES 1. PROJECT THRESHOLD CRITERIA • Project must be located within Alachua County, Florida; • Applicant must provide evidence of ownership or other legal control of the project site (e.g., a contract or option to purchase the project site); • Applicant must provide a set-aside of rental units equal to or greater than the standards for low income Housing Tax Credits or applicable FHFC Program, as the case may be; and, • Project must have evidence of land use and zoning authorizing the use of the property for multi-family residential uses. 2. PROJECT SELECTION CRITERIA • Project feasibility as determined by: Applicant’s development and construction experience; Applicant’s management experience; and Financial feasibility to complete and operate the project (including, but not limited to, cost estimates, cash flows, debt service, coverage ratios, the percentage of public monies requested compared to project cost; leveraging) • Applicant’s performance and/or compliance (including any prior defaults) of any prior loans or contracts with the HFA or the County; • The extent to which social services and assistance is offered to occupants (including, but not limited to, job training, computer training, home purchase assistance, health-related support); • The extent to which there is temporary (for any rehabilitation projects) or permanent displacement of existing tenants (then in which event either shall be scored as a negative factor); and, • The following shall receive emphasis in scoring: Existing projects with either expiring Section 8 rental assistance contracts, or The preservation of projects that have expiring affordable housing land use restrictions. • The HFA established the following funding priorities for Applicants applying for the Local Contribution in conjunction with FHFC RFA 2021-201: Location within a Geographic Area of Opportunity Maximum Economic Impact Developments which provide a lift to the neighborhood, and could lead to additional revitalization and/or neighborhood improvement Projects that result in the adaptive reuse or redevelopment of existing structures or properties Proximity to public transportation Leveraging of HFA funds with other County resources that could be used to meet the FHFC required contribution level, and leveraging of HFA funds with other funds to achieve greater impact on the community/neighborhood Ability to meet FHFC requirements for the contribution to be a part of permanent financing with minimum loan term. Developments which commit to an affordability period beyond the minimum 50 year period required by FHFC and HFA Note: The Board directed that the Guidelines include the following notice: Applications for developments serving the FHFC demographic groups of both Family and Elderly will be accepted. However, if the Board determines that a family development equals or exceeds an Elderly development in terms of the Board’s evaluation of the criteria and priorities detailed above, the development serving the Family demographic will be selected. Note: A map of Geographic Areas of Opportunity can be found on the FHFC website. NOTE: IT IS THE INTENT OF THE HFA TO FUND ONLY ONE APPLICANT, SUBJECT TO CHANGE AT THE SOLE DISCRETION OF THE HFA. 3. LOAN TERMS: To be determined at time of loan commitment(s). The following will apply to all JFHA loans:The loan amount for Applicants seeking a Local Government Contribution loan will be determined in FHFC RFA 2021-201. The terms for such loans are anticipated to be: $460,000 loan amount 20 year term Monthly payment schedule Non-amortizing 5% interest Loan payments quarterly over the life of the loan • The loan documentsshall provide for the standard default provisions; and upon default, the loan shall accrue interest at the highest rate then permissible under Florida law from and after an event of default that remains uncured. • Each loan shall be evidenced by a promissory note in the full-face amount of the Local Government Support, and secured in its entirety by a subordinate lien mortgage, and shall include such other standard loan documents as necessary to evidence and complete the transaction. • The loan shall not be disbursed until the following minimum due diligence is received and satisfactory (however, additional requirements may be necessary for the project): mortgagee title insurance policy (or a marked-down commitment for the same), boundary survey certified to the HFA, environmental site assessments certified to the HFA, and evidence of concurrency and all permits authorizing construction of the project. • The loan shall be issued in the name of the HFA. Such loan shall be reviewed, implemented, and administered by the HFA. 4. FEES • $1,500 Application fee due with original application, check made out to HFA 5. DISCLAIMER The HFA is taking no responsibility that FHFC in their initial scoring, or in any scoring revisions that take place due to legal disputes between applicants in FHFC RFA 2021-201, related to the NPV calculation will ultimately agree with this calculation. HFA is assuming NO LIABILITY if FHFC or any judicial or quasi-judicial body comes to a conclusion that the funding levels or loan terms do not qualify the Applicant for the Local Government Contribution points within the FHFC RFA/Application. 6. WAIVERS, ERRORS & RIGHT TO OBTAIN ADDITIONAL INFORMATION FROMAPPLICANTS The HFA reserves the right to waive any provision of the NOFA and/or the accompanying application. The HFA reserves the right to waive any minor irregularity in the application, with the HFA to be the sole entity to determine what constitutes a “minor irregularity”. The HFA also reserves the right to seek additional and/or clarifying information from any Applicant and to use that information in its evaluation and decision making process.
