Special Needs SAIL RFP Questions and Answers

1) Can the allocated funds for Special Needs Housing be used in conjunction with other Florida Housing programs?

Answer – No other FHFC funding can be associated with the proposed development in any way with the exception of the Predevelopment Loan Program (“PLP”).

2) Can this program be applied to only a portion of a development that contains more that 50 units? For example, can one submit a 100 unit development but use these funds for only 50 units of that development specifically geared for Special Needs Housing?

Answer – No, the total number of units cannot exceed 50.

3) What will be the minimum set-aside percentages as it relates to the potential demographics of the development?

Answer – You can choose one of the following:

a) Frail Elderly – 80% of the units/beds set aside for the Elderly, of which a minimum of 50% shall be set aside for Frail Elders.
b) Homeless – 80% of the total units must be set aside for Homeless.
c) Persons with a Disability – 80% of the total units must be set aside for Persons with a Disability.
d) Youths Aging Out of Foster Care – 50% of the total units must be set aside for Youths Aging Out of Foster Care.
e) Domestic Violence Survivors – 50% of the total units must be set aside for Domestic Violence Survivors.

4) What are the interest rate and terms for this loan?

Answer – as follows:

a) Non-amortizing 0% interest rate for Applicants that maintain 80% occupancy for Homeless, and non-amortizing 1% interest rate for all other Developments.
b) Interest may be deferred based on Development cash flow. The loan term may not exceed 15 years unless First Mortgage Lender requirements dictate longer terms.
c) 13 million will be available, Developments are limited to the lesser of $3,000,000 or 75% of the Total Development Cost.