Largo Provides $28,990 for Habitat Construction
LARGO - The city commission authorized $28,990 to provide incentives for affordable housing development through Habitat for Humanity. This gives the City Manager authorization to enter into a State Housing Initiatives Partnership (SHIP) program and Land Use Restriction Agreement (LURA) with Pinellas Habitat For Humanity, Inc.
Pinellas Habitat For Humanity, Inc. proposed construction of a 1,100 square foot, three-bedrooms, and two- bath house with a one-car garage on the vacant lot located at 705 Second Avenue NE. Habitat requested reimbursement for the cost of the land acquisition as a nonprofit long-term affordable housing provider.
The Community Development Advisory Board (CDAB) approved the Habitat Program as part of the City of Largo FY 2009 Community Development Block Grant (CDBG) Action Plan for $100,000.
The City Commission approved the CDBG Action Plan by Resolution No. 1969 on June 17, 2008. Habitat will initially sell the house to an income-eligible applicant and, if the unit is sold within ten years will require the sale to be to an income eligible homeowner whose income level does not exceed 120% of the area's gross median income level (established by SHIP each year).
If Habitat defaults on this requirement, the funds provided by the City would be paid back in full or in part at the City's discretion to the SHIP program. Construction is scheduled to begin in January and should be completed within 8 months.
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