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Attachment 4 <br />Proiect Description Narrative <br />Our vision is to redevelop a vacant underutilized property into a green, first class, affordable housing <br />development. Amenities for the project include a clubhouse, fitness center, businesess center, swimming <br />pool, parking, and outdoor recreational areas. The project with be inteded for a senior demographic. The <br />unit mix for the building will consist of 39 1/1 units and 40 2/2 units for a total of 79 units. The site plan <br />consists of three residential buildings and a separate clubhouse. The buildings will be three-story wood <br />construction garden style. <br />The financial contribution obtained from the County will allow us to apply for the 9% Low Income Housing <br />Tax Credits needed to move forward with this community. Senior communities like this provide quality of <br />life to households that depend on fixed incomes and allow them more flexibility through increased <br />disposable income. With the rent increases experienced throughout Florida, the need for these units is <br />more exacerbated than ever before. <br />The amount of funding being requested from the County is $340,000 for 79 units (around $4,000 per unit). <br />This grant will allow us to leverage roughly $18MM in tax credit equity. If the project is awarded the tax <br />credits from the State, we expect to complete full pre -development, site plan approvals, and permitting <br />between April and December 2023. Once building permits are obtained, we can proceed towards closing <br />and construction commencement, estimated in the first quarter of 2024. Considering a 12 -month <br />construction timeframe for a project this size, these units are expected to be available to seniors during <br />the first quarter of 2025. <br />Project Breakdown <br />• Unit mix: 39 1/1 units and 40 2/2 units <br />• Demographic <br />o Senior 55+ <br />• AMIs Served: <br />0 33% AMI (8 units total): $495 to $540 monthly rent range <br />0 60% AMI (71 units total): $900 to $1,080 monthly rent range <br />• Amenities <br />o Clubhouse <br />o Fitness center <br />o Business center <br />o Outdoor area <br />o Pool <br />o Parking <br />• Structure type <br />o Wood, Garden Style <br />• Site Plan and Sample Elevations Attached <br />153 <br />