Sarasota has been successful in partnering with the private sector to finance the development of affordable, multi-family housing properties throughout Sarasota County. Through bond and tax credit programs, Sarasota works in conjunction with private developers to build rental properties targeted to low and moderate-income residents. The developments can be for elderly residents, such as Bayou Oaks in Sarasota and Willow Creek in North Port, or for families, such as University Club in Sarasota.
There are several financing programs available to developers. The Regional Multi-Family Bond Program uses the financing power of private activity bonds to create attractive and affordable rental developments. Sarasota participates with other area counties in cooperation with the Lee County Housing Finance Authority to administer this program. Developers that are selected use the proceeds from bond financing, in conjunction with conventional financing, to create multi-family developments targeted to low and moderate-income residents.
In addition to the Regional Bond Program, Sarasota also participates in rental development programs administered by the Florida Housing Finance Corporation. In order to make local projects competitive at the state level, Sarasota contributes a match using local housing funds. Eligible projects can be financed with a combination of bonds, tax credits, and conventional financing.
Regardless of the funding source, all of the affordable housing developments financed through these programs are assets to the community and are indistinguishable from market-rate properties. The bond and tax credit programs help fill an essential need in Sarasota - affordable rental housing in a safe, attractive setting.
