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SUMMARY OF THE
<br />LOW-INCOME RENTAL HOUSING TAX CREDIT (LIHTC) PROGRAM
<br />!ADMINISTRATION Rule 91-48, Florida Administrative Code, and Section 420.5099,
<br />SOF PROGRAM J Florida Statutes.
<br />ELIGIBLE Any person or public entity, public or private, for-profit or not -for -
<br />APPLICANTS I profit, proposing to build or rehabilitate affordable rental housing
<br />OW TO APPLY I Submit Combined Cycle Application for SAIL/HOME/LIHTC.
<br />IFUNDS AVAILABLE I Anticipated allocation authority of $18,000,000 in cycle year 1997.
<br />TARGETING OF i The LIHTC Program has one application cycle per year, open for
<br />CREDITS a minimum of 60 days. Each year credits are allocated to applicants
<br />in the following categories: projects in large, medium and small -sized
<br />counties. In addition, projects with funding from Rural Development
<br />and projects electing to set-aside units for elderly residents or large
<br />families, in rural areas or urban in -fill areas will be targeted during
<br />the 1997 application cycle.
<br />(TYPE OF
<br />CONSTRUCTION
<br />New construction, substantial rehabilitation or combination of
<br />acquisition and substantial rehabilitation.
<br />IMAXIMUM REQUEST-
<br />For the 1997 application cycle, requests will be limited to no more than:
<br />Total Tax Credits
<br />to be Issued
<br />- Large County: $1,500,000 ($1,950,000 if in DDA or QCT)
<br />Briarwood at
<br />Vero Beach
<br />- Medium County: $1,200,000 ($1,560,000 if in DDA or QCT)
<br />45
<br />- Small County: $750,000 ($975,000 if in DDA or QCT)
<br />$710,241.10
<br />In addition, all projects will be limited to a request that equals no more
<br />Sandy Pines
<br />than $5,850 ($7,605 if in DDA or QCT) in tax credits per unit to be
<br />i
<br />i produced.
<br />MINIMUM SET-ASIDE
<br />iREQUIREMENT
<br />20% of the units at 50% of the area median income, adjusted for
<br />family size; or alternatively, 40% of the units at 60% of the area
<br />61
<br />median income, adjusted for family size.
<br />i
<br />MINIMUM TERM OF
<br />SET-ASIDE
<br />30 years, with an option to convert to market rent after the 15th year
<br />! of compliance. Most
<br />Indian River
<br />Apartments
<br />applicants commit to waive the option to convert
<br />and to set-aside low-income units for 50
<br />180
<br />i years.
<br />OTHER
<br />; Low -Income Rental Housing Tax Credits can be used in conjunction
<br />! with other state and federal programs.
<br />INDIAN RIVER TA3' REDIT SUMMARY
<br />February 26, 1997
<br />-: ;zct Name
<br />Year
<br />Allocated
<br />Units
<br />Annual Tax
<br />Credits Issued
<br />Total Tax Credits
<br />to be Issued
<br />Project Cost
<br />Briarwood at
<br />Vero Beach
<br />1989
<br />45
<br />$71,024.11
<br />$710,241.10
<br />$1,961.093
<br />Sandy Pines
<br />1993
<br />45
<br />$452,461.75
<br />$4,524,617.50E$4.384.467
<br />Gifford Groves
<br />1993
<br />61
<br />$544,517.23
<br />$5,445,172.30,117,814
<br />Indian River
<br />Apartments
<br />1994
<br />180
<br />$1,181,929.00
<br />$11,819.290.00
<br />$11,449,653
<br />Total
<br />331
<br />$2,249,932.09
<br />$22,499,320.9
<br />522,913,027
<br />Note: The 1993 projects were single family dwellings.
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<br />February 27, 1997 0 0 K %E' 1 t*
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