HomeMy WebLinkAboutCRA-R-24-0010 Exhibit AExhibit "A"
HOUSING SUBSIDY AGREEMENT
THIS HOUSING SUBSIDY AGREEMENT (this "Agreement") is dated as of
, 2024 (the "Effective Date") by and between SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, a public
agency and body corporate created pursuant to Section 163.356, Florida States (the "CRA"), and
BLOCK 55 RESIDENTIAL, LP, a Florida limited partnership ("Owner").
RECITALS
WHEREAS, Owner is the owner of that certain real property located in the City of Miami,
Miami -Dade County, Florida more particularly described on Exhibit A attached hereto and made
a part hereof (the "Property") and is developing thereon a residential community known as "The
Residents at Sawyer's Walk" (the "Project"); and
WHEREAS, the CRA has an interest in mitigating the housing disparity in Overtown and
supporting the residents of Overtown and assisting them in obtaining affordable housing within
the Overtown community of the City of Miami;
WHEREAS, in furtherance of the foregoing interests of the CRA, the CRA desires to refer
prospective tenants to Owner for the lease of residential units in the Project and to provide rental
assistance to Owner in support of such tenants as further described in this Agreement; and
WHEREAS, Owner desires to permit CRA to refer prospective tenants and to provide such
rental assistance as further described in this Agreement.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00), the mutual covenants
contained herein and other good and valuable consideration, the sufficiency and receipt of which
are hereby acknowledged, the parties hereby agree as follows:
1. Recitals. The recitals set forth above are true and correct and are incorporated
herein by this reference.
2. Qualified Referrals.
(a) On or before January 31, 2024, the CRA shall deliver to Owner and to
Wingate Management Company, LLC, Owner's agent responsible for the management of the
Project or any successor agent notified to the CRA in writing ("Management Agent"), completed
preliminary applications in the form attached hereto as Exhibit B, together with copies of the
supporting documentation set forth on Exhibit C attached hereto, from (i) not less than fifty (50)
prospective tenants for the Project where the head of household is an elderly person of at least 62
years of age and whose household income is eighty percent (80%) of the area median income for
Miami -Dade County, Florida, following guidelines for Multifamily Rental Programs issued
annually by Florida Housing Finance Corporation ("AMI"), (ii) not less than one hundred fifty
(150) prospective tenants for the Project where the head of household is an elderly person of at
least 62 years of age and who either (A) is the recipient of a Section 8 Housing Choice Voucher
from the U.S. Department of Housing and Urban Development ("HUD") or (B) qualifies for
housing as part of HUD's Rental Assistance Demonstration (RAD) program, and (iii) not less than
two hundred (200) prospective tenants for the Project where the head of household is an elderly
person of at least 62 years of age and whose household income is less than eighty percent (80%)
of AMI (collectively, the "Proposed Qualified Referrals").
(b) Following the referral of the Proposed Qualified Referrals by the CRA to
Owner, the CRA and Owner will collaborate to identify at least two hundred eighty-nine (289)
Proposed Qualified Referrals that meet the tenant qualification requirements with which Owner is
required to comply, including without limitation, pursuant to the Low -Income Housing Tax Credit
Program, declarations, covenants and restrictions encumbering the Property and the terms of any
of Owner's financing for the Property. Owner and Management Agent shall have the further right
to screen the Proposed Qualified Referrals for suitability for tenancy in accordance with reasonable
screening requirements, including without limitation, background checks. Following such
qualification and screening process, Owner shall select, as tenants for the Project, (i) thirty-nine
(39) Proposed Qualified Referrals satisfying the criteria set forth in Section 2(a)(i) above and (ii)
one hundred fifty (150) Proposed Qualified Referrals satisfying the criteria set forth in Section
2(a)(ii) above (or, in each case, such lesser number if not all are so qualified). The remaining one
hundred (100) tenants for the Project to be selected from the CRA's Proposed Qualified Referrals
will then he selected from the Proposed Qualified Referrals described in Section 2(a)(iii) above.
The selection of the foregoing two hundred eighty-nine (289) tenants for the Project (each, a
"Qualified Referral") will be processed based on the order determined by the CRA. Each Qualified
Referral selected by Owner shall execute a lease with a minimum term of twelve (12) months and
occupy the leased unit upon the later of execution of the lease or opening of the Project for
occupancy. The CRA shall replace any Proposed Qualified Referral that is not a Qualified Referral
with a Proposed Qualified Referral having an income equal to the same or percentage of AMI as
the original Proposed Qualified Referral (but in any event not greater than eighty percent (80%)
of AMI).
(c) The CRA acknowledges and agrees that Owner is relying on the CRA to
refer a total of two hundred eighty-nine (289) Qualified Referrals as tenants for the Project at all
times during the Term of this Agreement (as defined below), and if the CRA fails to timely identify
the number of Proposed Qualified Referrals set forth in Sections 2(a)(i), 2(a)(ii) and 2(a)(iii) above
on or before January 31, 2024, Owner shall have the right to seek prospective new tenants for the
Project (in an amount equal to the difference between 289 and the number of Qualified Referrals
selected from the Proposed Qualified Referrals referred by the CRA) from any other source,
inclusive of the CRA.
(d) Within five (5) business days after receipt of written notice from Owner that
a unit previously leased to a Qualified Referral has become available as a result of a termination
of the applicable lease, the CRA. shall refer a minimum of three (3) new Proposed Qualified
Referrals, each of which must satisfy the same criteria set forth in Section 2(a) above as the prior
Qualified Referral had satisfied as well as the other qualification and screening requirements set
forth herein, of which Owner shall select one Proposed Qualified Referral as a Qualified Referral
and tenant for the Project. The qualification and screening of each such Qualified Referral will
be made based on the order in which the Proposed Qualified Referrals were received. Such
Qualified Referral shall execute a lease with a minimum term of twelve (12) months and occupy
such available unit upon execution of the lease. If the CRA fails to refer such new Proposed
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Qualified Referrals within the aforementioned five (5) business day period, Owner shall have the
right to seek prospective new tenants for the Project from any other source.
(e) If, as a result of the CRA's failure to comply with the terms of this Section
2, Owner is required to seek prospective new tenants for the Project from any source other than
the CRA, each new tenant selected by Owner for the Project shall nonetheless constitute a
"Qualified Referral" including without limitation a "CRA Qualified Referral," as applicable, for
all purposes of this Agreement, including without limitation Section 3 hereof.
3. Rental Assistance.
(a) The CRA agrees to subsidize the rents of the CRA Qualified Referrals in an
aggregate amount equal to Eight Million and No/100 Dollars ($8,000,000.00) over the Term of
this Agreement. Owner estimates that the difference between the fair market rent (as determined
by Florida Housing Finance Corporation pursuant to the Guidelines) and thirty percent (30%) of
the annual income of the Qualified Referrals for the first twelve (12) month period commencing
on the Initial Payment Date (as defined below) will be not less than One Million Six Hundred
Thousand and No/100 Dollars ($1,600,000.00). Accordingly, for such twelve (12) month period,
the CRA shall make subsidy payments to Owner in the amount of One Hundred Thirty -Three
Thousand Three Hundred Thirty -Three Dollars and 33/100 Dollars ($133,333.33) each on the first
day of each calendar month commencing on the date (such date, the "Initial Payment Date") on
which the first rent payments are due from the Qualified Referrals. Attached hereto as Exhibit D
are the 2024 guidelines for Multifamily Rental Programs published by Florida Housing Finance
Corporation for rents based on household income and unit size. Based on such guidelines, as
updated annually by Florida 1-lousing Finance Corporation (the "Guidelines"), and as evidenced
by the rent housing subsidy income test for 2024 for studios, one bedroom and two bedroom units
set forth on Exhibit E attached hereto, the parties acknowledge and agree that the foregoing
subsidy payment from the CRA is less than the amount necessary to fully compensate Owner for
the difference between the fair market rent (as determined by Florida Housing Finance Corporation
pursuant to the Guidelines) and thirty percent (30%) of the annual income of the Qualified
Referrals for 2024. The expected income limits for the units in the Project are set forth on Exhibit
F attached hereto. For each successive twelve (12) month period during the Term of this
Agreement (each, an "Annual Subsidy Period"), Owner shall deliver to the CRA not less than 30
days prior to the start of such Annual Subsidy Period, Owner's estimate of the difference between
the fair market rent (as determined by Florida Housing Finance Corporation pursuant to the
Guidelines, as updated annually) and thirty (30%) of the annual income of the Qualified Referrals
for such Annual Subsidy Period. The CRA shall make subsidy payments to Owner during each
Annual Subsidy Period equal to one -twelfth (1/12) of the amount of Owner's estimate, subject to
the audit and reconciliation provisions set forth in Section 3(d) below.
(b) Each Qualified Referral shall be solely responsible for all costs of utilities
(including without limitation, the costs of utility hookups, fees and other deposits) serving the unit.
If a Proposed Qualified Referral is recommended for tenancy and is determined to be unable to
pay for utility hookups, fees, and other deposits which would then disqualify the Proposed
Qualified Referral for tenancy, the CRA, in its sole discretion, may provide needed financial
assistance to that Proposed Qualified Referral for utility hookups, fees, and other deposits, separate
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from the assistance described in 3(a). Any such assistance shall be provided directly to the
Qualified Referrals by the CRA.
(c) Each Qualified Referral shall be solely responsible for paying (i) a security
deposit equal to one month's rent, which shall be held by Owner as security for the Qualified
Referral's obligations under its lease, (ii) an advance payment of the last month's rent, which shall
be held by Owner and applied towards the last month's rent for each Qualified Referral under its
lease and (iii) any reasonable application fee that Owner may charge. If,a Proposed Qualified
Referral is recommended for tenancy and is determined to be unable to pay such security deposit,
advance payment of last month's rent and/or application fee which would then disqualify the
Proposed Qualified Referral for tenancy, the CRA, in its sole discretion, may provide needed
financial assistance to that Proposed Qualified Referral for any such costs. Any such assistance
shall be provided directly to the Qualified Referrals by the CRA. The payment of such amounts
by each Qualified Referral to Owner is a condition to signing a lease. Owner shall hold and, if
applicable, apply, the security deposit received from each Qualified Referral in accordance with
the applicable lease and with all applicable laws, and if Owner so applies any amount of the
security deposit, such Qualified Referral shall promptly pay to Owner any amounts so applied to
restore the security deposit to the original amount. Following the expiration or earlier termination
of a lease with a Qualified Referral, any remaining balance of the security deposit not applied by
Owner during the term of such lease will be returned to the Qualified Referral. In the event any
remaining balance of the security deposit is not sufficient to cover any outstanding rent or damages
existing at termination of the lease with a Qualified Referral, Owner shall notify the CRA of same,
and the CRA shall pay such amounts to Owner within ten (10) business days after delivery of such
notice by Owner, after which time, any unpaid amount by the CRA shall accrue interest at the
lesser of eighteen percent (18%) per annum and the maximum legal rate through the date when
paid.
(d) Owner shall maintain copies of documentation received from the Qualified
Referrals stating their annual income and books and records reflecting the actual amount of rents
received by Owner from the Qualified Referrals for each Annual Subsidy Period during the Term
of this Agreement. The CRA, at the CRA's sole cost and expense, shall have the right to audit
such documentation, books and records once in each Annual Subsidy Period upon reasonable prior
notice to Owner to confirm that the subsidy payments from the CRA to Owner during the prior
Annual Subsidy Period were not more than the amount necessary to fully compensate Owner for
the difference between the fair market rent (as determined by Florida Housing Finance Corporation
pursuant to the Guidelines, as updated annually) and thirty percent (30%) of the annual income of
the Qualified Referrals for such Annual Subsidy Period. If the CRA's audit accurately determines
that the total subsidy payments from the CRA in an Annual Subsidy Period exceeded the difference
between such fair market rent for such Annual Subsidy Period and thirty percent (30%) of the
annual income of the Qualified Referrals for such Annual Subsidy Period, then, at CRA's election,
the CRA may either (i) reduce the monthly subsidy payments to be paid to Owner during the next
Annual Subsidy Period by the amount of such excess on a pro rata basis or (ii) require Owner to
refund the excess amount to the CRA within ninety (90) days Owner's receipt of written notice
from CRA. If the CRA's audit accurately determines that the total subsidy payments from the
CRA in an Annual Subsidy Period were less than the difference between such fair market rent for
such Annual Subsidy Period and thirty percent (30%) of the annual income of the Qualified
Referrals during such Annual Subsidy Period, then, at Owner's election, the CRA shall either (x)
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increase the monthly subsidy payments to be paid to Owner during the next Annual Subsidy Period
by the amount of such underpayment on a pro rata basis, or (y) pay Owner the amount underpaid
by the CRA within ninety (90) days after CRA's receipt of written notice from Owner; provided,
however, in no event shall the CRA be required to pay Owner more than Eight Million and No/100
Dollars ($8,000,000.00) in subsidy payments pursuant to this Agreement during the five (5) year
Term of this Agreement.
4. Owner Obligations. Owner will comply in all material respects with the terms of
each lease with a Qualified Referral. Owner will comply with all fair housing laws, rules,
regulations or orders applicable to the Project and shall not discriminate on the basis of race, creed,
color, sex, age or national origin in the lease, use or occupancy of the Project; provided, however,
to the extent the Project meets the requirements for exemption from the prohibition against familial
status discrimination contained in Title VIII of the Civil Rights Act of 1968 (known as the Fair
1-lousing Act), as amended, such requirement shall not apply. Owner shall have the right to
terminate a lease with a Qualified Referral following a breach by such Qualified Referral, provided
that such termination is in accordance with the applicable lease and all applicable laws.
5. Remedies. In the event of any breach by the CRA of its obligations hereunder,
Owner shall be entitled to exercise any and all rights available at law or equity, including
maintaining actions for damages, specific enforcement and/or injunctive relief.
6. Term. This Agreement shall commence on the Effective Date and shall continue
in full force and effect for onc (1) year after the Initial Payment Date (the "Initial Term") and shall
thereafter automatically renew for four (4) successive one (1) year periods (each, a "Renewal
Term" and together with the "Initial Term" collectively, the "Term of this Agreement"). Upon the
expiration of the Term of this Agreement, Owner and the CRA may mutually agree to further
renew this Agreement, provided that the teens of any such renewal shall be subject to mutual
written agreement between Owner and the CRA, each acting reasonably and in good faith.
Following the expiration of the Term of this Agreement, the CRA will not be obligated to provide
any rental assistance pursuant to this Agreement and the Owner will not be obligated to renew any
leases with the Qualified Referrals, including without limitation, the CRA Qualified Referrals.
7. Authority. Each party hereto represents and warrants to the other party that the
individual executing this Agreement on behalf of such party has been duly authorized to enter into
this Agreement and that this Agreement is enforceable against such party in accordance with its
terms.
8. Notices. Notices required or peiniitted to be given pursuant to the terms of this
Agreement will be sent by certified mail, return receipt requested, postage prepaid or by recognized
overnight courier, postage prepaid. Notice will be effective upon delivery or refusal of delivery.
Notices will be delivered to the following addresses, subject to the right of either party to change
the address at which it is to receive notice by written notice to the other party in accordance
herewith:
To the CRA:
Southeast Overtown/Park West
5
Community Redevelopment Agency
819 NW 2nd Avenue
Third Floor
Miami, Florida 33136
Attention: [
To the Owner:
Block 55 Residential, LP
2901 Florida Avenue
Suite 806
Coconut Grove, Florida 33133
Attention: [
With copies to:
1
Block 55 Owner, LLC
2901 Florida Avenue
Suite 806
Coconut Grove, Florida 33133
Attention: [
and
R4 SLFL Acquisition LLC
c/o R4 Capital LLC
780 Third Avenue
16th Floor
New York, New York 10017
Attention: Mark Schnitzer
and
Wingate Management Company, LLC
100 Wells Avenue
Newton, Massachusetts 02459
Attention: Michael Martin, President
and
MRK Partners
5230 Pacific Concourse Drive
Suite 350
Los Angeles, CA 90045
Attention: [
6
9. Time of the Essence. Time is of the essence of each and every provision of this
Agreement.
10. Assigrunent; Parties Bound. The CRA shall not assign this Agreement or any
interest therein to any other person without Owner's prior written consent, which may be granted
or withheld in Owner's sole discretion. Owner may assign this Agreement or any interest therein
to a successor owner of the Project without the CRA's prior written consent. This Agreement
inures to the benefit of and be binding upon, and is intended solely for the benefit of, the parties
hereto and their respective permitted successors and assigns, and no third party will have any
rights, claims, privileges or other beneficial interests herein or hereunder.
11. Integration and Amendment. This Agreement and the exhibits hereto set forth the
entire understanding of the parties with respect to the subject matter hereof, superseding and/or
incorporating all prior or contemporaneous oral or written agreements, and may be changed,
modified, or amended only by an instrument in writing executed by the party against whom the
enforcement of any such change, modification or amendment is sought.
12. Governing Law. This Agreement and the rights of the parties hereunder shall be
governed by, and interpreted in accordance with, the laws of the State of Florida, without regard
to principles of conflicts of law.
13. Litigation. In the event of any litigation between the CRA and Owner concerning
the terms of this Agreement, the prevailing party will be entitled to reimbursement of its costs and
expenses, including reasonable attorneys' fees, incurred in trial, appellate and post -judgment
proceedings.
14. Invalid Provisions and Severability. In the event any term or provision of this
Agreement is held illegal, unenforceable or inoperative as a matter of law, the remaining terms
and provisions shall not be affected thereby, but shall be valid and remain in force and effect,
provided that the inoperative provisions are not essential to the interpretation or performance of
this Agreement in accordance with the clear intent of the parties.
15. No Waiver of Default. No waiver by a party of any breach of this Agreement by
the other party will be deemed to be a waiver of any other breach by such other party (whether
preceding or succeeding and whether or not of the same or similar nature), and no acceptance of
payment or performance by a party after any breach by the other party will be deemed to be a
waiver of any breach of this Agreement by such other party, whether or not the first party knows
of such breach at the time it accepts such payment or performance. No failure or delay by a party
to exercise any right it may have by reason of the default of the other party will operate as a waiver
of default or modification of this Agreement or prevent the exercise of any right by the first party
while the other party continues to he in default.
16. Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN CONNECTION WITH CLAIM, ACTION
OR PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HAS READ
AND UNDERSTANDS THE EFFECT OF THIS WAIVER OF JURY TRIAL PROVISION.
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17. No Joint Venture. The parties expressly agree that no joint venture, partnership or
agency relationship is created or intended by this Agreement.
18. Counterparts; Electronic Signatures. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement may be executed and delivered
electronically, including without limitation, clear images of manually executed signatures
transmitted by electronic format such as "pdf', "tif' or "jpg", as well as other electronic signatures
such as DocuSign and AdobeSign.
[Signatures on following page]
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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the
CRA as of the date first above written.
CRA:
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY, a
public agency and body corporate created pursuant
to Section 163.356, Florida States
By:
N(
Tit
ame
[Signature page to Housing Subsidy Agreement]
IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by
Owner as of the date first above written.
OWNER:
BLOCK 55 RESIDENTIAL, LP,
a Florida limited partnership
By: Pacific Southwest Community Development
Corporation, its general partner
By:
Name:
Title:
[Signature page to Housing Subsidy Agreement]
EXHIBIT A
Legal Description of the Property
TIIE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF MIAMI-
DADE, STATE OF FLORIDA, AND DESCRIBED AS FOLLOWS:
AIRSPACES THAT SHALL BE KNOWN AS "UNIT A-1" AND "UNIT A-2" PURSUANT TO
THE PROPOSED CONDOMINIUM SURVEY PREPARED BY BISCAYNE ENGINEERING
UNDER PROJECT NO. 87062, DATED AUGUST 11, 2021, AS AMENDED, FOR SAWYER'S
WALK, A CONDOMINIUM, ACCORDING TO THE DECLARATION OF CONDOMINIUM
THEREOF, TO BE RECORDED IN THE OFFICIAL RECORDS OF MIAMI-DADE COUNTY,
FLORIDA AND ALL EXHIBITS AND AMENDMENTS THEREOF, TOGETHER WITH ITS
UNDIVIDED INTEREST IN THE COMMON ELEMENTS.
EXHIBIT B
Form of Preliminary Application
[see attached]
EXHIBIT C
Supporting Documentation to be provided by Proposed Qualified Referrals
1. All adult household members who are employed must each provide 4-6 current
paystubs.
2. All adult household members who are paid in cash must each provide their
employer's information, including name, address, fax number, phone number and/or email
address.
3. Any household members who have income from sources other than employment,
such as Social Security, Disability, Worker's Compensation, VA Benefits, Unemployment
Compensation, TANF etc., must each provide proof of the gross amount being received over the
next 12 months.
4. All adult household members who are self-employed must each provide U.S.
federal tax returns from the prior two (2) calendar years.
EXHIBIT D
2023 Guidelines
Note: The general hold harmless provisions of IRO Section 142(d)(2)(E) mean that projects with at least one building placed in service on or before the end of the 45.day transition period
for newly -released limits use whichever limits are greater, the current -year limits or the limits In use the preceding year.
HUD release: 5/15/2023 2023 Income Limits and Rent Limits
Effective: 5/15/2023 Florida Housing Finance Corporation
Implement on/hefare: 6/28/2023 Multifamily Rental Programs and CWHIP Homeownership Program
NOTE: Does not pertain to CDBG-DR, HHRP, HOME, NHTF or SHIP
Percentage
Income Limit by Number of Persons in Household
Rent Limit by Number of Bedrooms in Unit
County (Metro)
category
1
2
3
4
5
6
7
8
9
10
0
1
2
3
4
5
Miami -Dade County
20%
14,460
16,520
18,580
20,640
22,300
23,960
25,600
27,260
28,896
30,547
361
387
464
536
, 599
660
(Miami -Miami Beach-
25%
18,075
20,650
23,225
25,800
27,875
29,950
32,000
34,075
36,120
38,184
451
484
580
670
748
825
Kendall HMFA)
28"%
20,244
23,128
26,012
28,896
31,220
33,544
35,840 '
38,164
40,454
42,766
506
542
650
751
838
925
30%
21,690
24,780
27,870
30,960
33,450
35,940
38,400
40,890
43,344
45,821
542
580
696
805
898
991
33%
23,859
27,258
30,657
34,056
36,795
39,534
42,240
44,979
47,678
50,403
596
638
766
885
988
1,090
35%
25,305
28,910
32,515
36,120
39,025
41,930
44,800
47,705
50,568
53,458
632
677
812
939
1,048
1,156
40%
28,920
33,040
37,160
41,280
44,600
47,920
51,200
54,520
57,792
61,094
723
774
929
1,073
1,198
1,321
45%
32,535
37,170
41,805
46,440
50,175
53,910
57,600
61,335
65,016
68,731
813
871
1,045
1,207
1,347
1,486
50%
36,150
41,300
46,450
51,600
55,750
59,900
64,000
68,150
72,240
76,368
903
968
1,161
1,341
1,497
1,651
60%
43,380
49,560
55,740
61,920
66,900
71,880
76,800
81,780
86,688
91,642
1,084
1,161
1,393
1,610
1,797
1,982
70%
50,610
57,820
65,030
72,240
78,050
B3,860
89,600
95,410
101,136
106,915
1,265
1,355
1,625
1,878
2,096
2,312
Median: 74,700
80%
57,840
66,080
74,320
82,560
89,200
95,840
102,400
109,040
115,584
122,189
1,446
1,549
1,858
2,147
2,396
2,643
m^1206
86,760
99,120
111,480
123,840
133,800
143,760
153,600
163,560
173,376
183,283
2,169
2,323
2,787
3,220
3,594
3,964
140°%
101,220
115,640
130,060
144,480
156,100
167,720
179,200
190,820
202,272
213,830
2,530
2,710
3,251
3,757
4,193
4,625
Florida Housing Finance Corporation (FHFC) income and rent limits are based upon figures provided by the United States Department of Housing and Urban Development (HUD) and are subject to change.
Updated schedules will be provided when changes occur.
EXHIBIT E
2024 Housing Subsidy Income Test*
*For Studio, 1-Bedroom and 2-Bedroom units in the Project
EXHIBIT F
Income Limits
Unit
Type
# Units
SqFt /
Unit
AMI
basis
Studio
11 0
470
40%
LIIIi x21
1)(1
xLiii.i
1x1
1x1
L 1 x1
1 x1
1 xl
1x1
626
40%
23
54
626
626
40%
40%
40
44
11
7
4
626
30%
626
732
732
700
630
30%
30%
30%
30%
30%
1 xi
630
30%
1 x1
6
630
80%
..
1 xi
22
620
.
80%
lx1
11
61580%
1 x1
22
623
80%
280 635
:;2111114; Attletaillg
2x2 23 939
2x2 939
2x2 52 939
2x2 10 980
2x2
2x2
1-2x2 44 1000
2x2
2x2
11 952
11 934
11 940
11 928
vatitifigN-t
4862-6133-9521, v. 14
40%
30%
80%
80%
80%
80%
80%
80%
8C%