SW Florida Housing Foundation

Through awards from the neighborhood stabilization program (nsp) the agency constructed/purchased 82 units to be rented to low income persons or families. The agency is the owner/manager of these units. To qualify to live in these developments, the person/family income must be below 50% of the area median income; rent is based on the income of the tenant. During the tax year, additional land was purchased to expand and further Affordable Housing. The agency also purchased an age restricted property with 60 units in march 2020.

The agency is the managing general partner in two mixed finance partnerships; 1% ownership in each. The developments, placed in service in 2014, consists of 212 units of acc public Housing and contract based section 8 units for low income persons/families. The developments are east pointe place and the landings at east point. Excess cash, per the partnership agreements, is distributed to the agency annually. These funds are used to continue the mission of developing Affordable Housing for low and moderate-income families/persons. The agency is currently working to develop 3 additional mixed financed properties. 1. The Foundation purchased land in june 2022 to replace the royal palm public Housing facility with a new senior facility on this purchased land. New facility is currently under design in 2023. 2. The agency has been awarded tax credits to build phase ii of east pointe place and is placing 90 units in service by winter 2023. 3. The agency has returned the awarded tax credits to rehabilitate the public Housing facility bonair towers. We are planning for/to build back on the original site and seek funding through the state arpa program. 4. We are planning on an offsite component on cleveland avenue with our developer partners to build 92 tax credit units in conjunction with the Choice neighborhood implementation grant awarded by hud. The projected closing for this phase is february 24, 2024.