Affordable and Workforce Housing Funding Program
The Tallahassee Community Redevelopment Agency (CRA) has set aside $500,000 of Fiscal Year 2009 project funds to assist in the development/rehabilitation of affordable and workforce housing within the Greater Frenchtown/Southside Community Redevelopment Area. The CRA is currently seeking applications from private and non-profit developers.
Funding will be awarded for projects in the form of a low-interest loan or grant. Low-interest loans will be secured with a promissory note and mortgage, while grants will be secured by an agreement and restrictive covenants (pending approval from the CRA Board). Additional information on loan and grant terms are provided in the program guidelines.
Affordable Housing is housing which is occupied by very-low, low or moderate income persons where monthly rents or monthly mortgage payments including property taxes and insurance does not exceed 30 percent of the amount representing 50, 80, or 120 percent respectively, of the area median income (AMI), adjusted for household size. A table is included in the program guidelines showing the income limits for the various percentages.
Workforce Housing is housing which is occupied by families whose total annual household income does not exceed 140 percent of the AMI, adjusted for household size.
You may download the program guidelines and application.
Paper copies of the program guidelines and application are also available at the CRA Office (Monday - Friday, 8:00 AM. to 5:00 PM.) on the 3rd floor of City Hall or upon request.
Click here to view our tentative timeline for the Affordable/Workforce Housing Funding Cycle.
Completed Applications must be received by the CRA no later than 4:00 PM (EDT) on August 26, 2008 and addressed to:
Sherri Baker
City of Tallahassee
Economic and Community Development Department
300 South Adams Street
Mailbox A-11
Tallahassee, FL 32301
If you have any questions or need additional information, contact Sherri Baker at (850) 891-8826 or sherri.baker@talgov.com.