Affordable housing agreement approved

Published: Thursday, September 5, 2013 at 09:23 AM.

In turn, the Paces Foundation will perform all the heavy lifting to put together an application package to the Florida Housing Finance Cooperation for an award of Federal Low Income Housing Tax Credits.

That includes surveys, engineering, design work, environmental assessment and site plans.

The Foundation uses leverages those credits with private lenders to inject dollars into the development of affordable housing.

After holding title for 15 years, the Foundation then provides, under appropriate circumstances, for renters to purchase their units.

The major task for the city is to deed the land, which was donated by the St. Joe Company and designated for affordable housing, over to Paces.

City commissioners decided, with approval from the Paces folks, to wait on transfer of the land until after the announcement of any award of tax credits.

“If it is not approved (this year) we will turn it around and submit it until it is,” Haymond said.

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