Laserfiche WebLink
• <br />advised that The Richman Group specializes in affordable housing, but also has expertise in <br />investment banking, development, and asset management. Communities appreciate the fact <br />that The Richman Group keeps their properties after development and has on-site <br />management. They wish to partner with the County to build a quality development on SR <br />60 at 74th Avenue. Dialog with staff began back in August about the County's development <br />of affordable housing policies and they took an option on the property. They were aware <br />that a study on affordable housing was to be done, but were willing to take the risks and <br />waited for the study to be presented on February 7`h. The results of the study indicated that <br />there is a big need for affordable housing which will get even bigger. She gave the definition <br />of "net present value" and explained how the County could make a cash contribution, a <br />grant, or waive fees in the amount of $300,000 as required by the state. The Richman Group <br />presented several alternatives to the Board of County Commissioners and staff for the <br />County's participation in their affordable housing project, all of which complied with the <br />State's requirements. The Richman Group is trying to meet a deadline of the Florida <br />Housing Finance Corporation. A commitment is necessary today because their grace period <br />will end on March 8th. She understood there were concerns and she hoped to dispel those <br />concerns. She advised that the zoning and site plans have been approved so they were ready <br />to move forward. The Board will have the opportunity for architectural review. The project <br />has 192 apartment units; 20% are 1 -bedroom, 50% are 2 -bedroom, and 30% are 3 -bedroom. <br />Approximately 50% will serve residents with incomes at or below 28% of the area's median <br />income; 85% will serve residents at or below the 60% area median income. The project has <br />over 70% of the property undeveloped and gives 50% open space, excluding the water <br />retention. One hundred percent of the units will be kept affordable for 50 years. Secondly, <br />regularly scheduled visits by healthcare specialists will be provided for the residents. There <br />will be regularly scheduled activities for children and residents. They commit to provide <br />• <br />March 6, 2001 <br />89 <br />BKI <br />Pr 1'48 <br />