CONSENT AGENDA
Florida Housing Finance Corporation Local Government Verification of Contribution Form for Newstar Development
Approval
No
No
Newstar Development is proposing to redevelop a property at 1801 13th Avenue East, located in the Central CRA district. The proposed project will transform a 4.76-acre site, currently occupied by a commercial/industrial building, into a new affordable housing community. The development is designed to accommodate 100 units within one to three garden-style, three-story buildings. Tailored to serve families, the residential mix will offer 40 one-bedroom, 48 two-bedroom, and 12 three-bedroom apartments ranging from 22%-80% AMI.
Proposed amenities include full appliance packages with in-unit washers/dryers, granite countertops, Energy Star ceiling fans/lighting, community room, fitness center, playground, fenced dog walk area, and balconies.
To finance this project, the developer plans to utilize Low-Income Housing Tax Credits (LIHTC) and submit an application for the 2026 Revitalization Request for Applications (RFA). This specific funding route requires an $84,000 local government commitment, which represents 3% of the tax credit request amount. The total project cost is estimated at $36,743,510, which will be covered by a mix of sources including a $6,400,000 permanent loan, federal tax credit equity, and an National Housing Trust Fund (NHTF) loan. The project timeline targets an RFA submission deadline of November 4, 2026, with a projected financial closing in January 2028, construction completion by July 2029, and full stabilization by December 2029.
On September 8, 2026, the Central CRA Community Advisory Committee unanimously approved a motion recommending the CRA Board approve a funding amount up to $84,000, the required amount needed from local government to submit the application.
On September 23, 2026, the CRA Board unanimously approved allocating the funding requirement in the amount up to $84,000.
This agenda item is before the City Council because, while the funding will be provided by the CRA, a CRA official is not authorized to sign the required Florida Housing Finance Corporation Local Government Verification of Contribution Form. Under Florida Housing rules, either the Mayor or City Administrator can sign the document to formally commit the funds.
N/A
Reviewed by City Attorney Rudacille.
Motion to approve authorization the Mayor to execute the Florida Housing Finance Corporation Local Government Verification of Contribution Form, formally committing up to $84,000 in approved CRA funds for Newstar Development's affordable housing project at 1801 13th Avenue East.