The Administration has implemented the Multi-Family Income Tax Program to reduce the shortage of affordable housing available to individuals and families in Alachua County, to generate income investment spending in Alachua County, stimulating economic development, and creating jobs.
The Authority provides below-market bond yields for the construction, renovation, and permanent financing of multifamily housing developments. . In the event that a volume cap is required, the Administration may apply for Volume Cap allocations from the Florida State Board of Administration’s Division of Bond Finance on the first business day of January. of each year. It may be possible to request more families to be exempted from taxes under the annual Volume Cap of the State of Florida in the amount that the Administration is willing or able to make available for such development. In this case, the Authority will evaluate and rank all eligible applications. One or more eligible multi-family housing developments may be selected which, in the sole judgment of the Authority, best meet the housing needs of Alachua County and general purposes of the Authority. The Authority’s ability to issue bonds also depends on the approval of the sale of bonds by the County Commission. The allocation for region three, which includes Alachua County and at the time of this publication, is $31,374,345.04. This amount can be changed.
Under no circumstances should the multi-family bonds issued by the Authority be secured by the Government’s revenue. The Authority is only a conduit and shall not be liable for any liability. The bonds will be secured only by the improvement of the credit provided by the applicant or the income of the enterprise. From time to time, the Authority may approve other financing structures to the extent permitted by law.
In order to be less qualified, the applicant must provide proof of the management of the premises, either the certificate or the executed contract to buy; provide evidence that the site is currently allocated for the intended use and that the development will meet the regulatory requirements all required, zoning, and other local laws; agree to comply with the Authority’s policies and all federal and state laws relating to exempt bonds; and submit a complete application in the form and materials requested.
The Authority reserves the right to refuse any request. The Authority may reject any application which, in its sole discretion, does not meet the above criteria. The Authority may reject any application for any reason it deems appropriate. The Authority can also decide to influence one or more developments for financing or not to influence some developments.
Applications will be reviewed by the Authority and its staff and advisors in accordance with the Application Guidelines and Program Guidelines. At its sole discretion, the Authority may waive specific provisions of these guidelines upon showing good cause, and providing appropriate supporting documentation. In addition, these guidelines may be amended, revised, canceled, or changed by the Authority, at any time, with or without notice, at any regular or special meeting of the Authority.
Request to the Authority to submit to the Authority only consideration of the proposed development. It does not create any rights or benefits of an applicant in a commitment or assurance that the Authority will approve or provide the funding. is planned.
Applicants are advised not to raise any representation of the Authority by the applicant, Appellant, or representative regarding any development. is under consideration. Violation of this prohibition may result in the rejection or cancellation of an application. Applicants should be aware that members of the Authority are required to disclose any such contact, and the matter, with any applicant or agent. of the applicant outside the meetings of the Authority. Applicants are encouraged to contact the Executive Director or Management staff prior to submitting an application to discuss the development of the applicant directs and funds accordingly.