SARASOTA COUNTY – The Resilient SRQ Multifamily Affordable Housing program invites nonprofit developers, for-profit developers, municipalities within the county and public housing authorities to apply for funding for new multifamily affordable housing projects. The Multifamily Affordable Housing program creates additional affordable units for low to moderate-income households.
The Multifamily Affordable Housing program contains $40 million in funding out of the $201.5 million Sarasota County will receive from the U.S. Department of Housing and Urban Development (HUD) through the Community Development Block Grant – Disaster Recovery (CDBG-DR). CDBG-DR funding supports recovery of continuing unmet needs following Hurricane Ian.
“This program will provide funding to develop new affordable housing in Sarasota County,” said Laurel Varnell, Resilient SRQ program manager. “The aftermath of Hurricane Ian presented an increased need for affordable living units, and this program is designed to help meet that need.”
Those community members who are interested in the Multifamily Affordable Housing program can apply online at scgov.net/ResilientSRQ. Applications will be accepted from noon on March 20 until 5 p.m. on May 1.
Interested applicants are encouraged to attend an information session to learn more about the program.
Virtual information session:
• Monday, March 25, 10 – 11 a.m.
In-person information session:
• Friday, March 29, 1 – 2 p.m. at 1660 Ringling Blvd., first floor training room.
Applicants can register for both sessions here. After registration, applicants interested in the virtual option will receive a link to join the virtual session via Microsoft Teams.
Program staff will review applications for CDBG-DR eligibility and make recommendations to the Sarasota County Board of County Commissioners. Commissioners will have the final review and selection of projects.
Applicants must meet all the following conditions for a project to be considered for funding:
• Project proposes more than five rental units and a minimum of 51% of the units
are affordable.
• Applicant agrees to a minimum affordability period of at least 20 years.
• Project is located in Sarasota County.
• Project is an eligible CDBG-DR activity
(rehabilitation, reconstruction and new construction of affordable multifamily
housing projects).
• Applicant has secured or taken adequate steps to secure underwriting.
• Project includes mitigation measures.
If an applicant meets the minimum criteria, projects will be scored on their financial plan, leverage of funding, project readiness, project impact, period of affordability, the number of affordable units and a pre-award assessment.
Below summarizes the application process and review steps:
Step 1: Eligible parties will submit applications for projects to be considered.
Step 2: The Resilient SRQ team will review applications and make scoring recommendations to the Sarasota County Board of County Commissioners.
Step 3: Commissioners will review and make final selection of projects for approval.
Step 4: For projects selected by commissioners, applicants will be required to enter into a subrecipient agreement outlining project-specific requirements.
Additional information about eligibility requirements, scoring criteria and program updates can be found at scgov.net/ResilientSRQ or by calling 311.