Winter Haven Reviews Affordable Housing Agreement

OTHER

Seven-year affordability period; construction must begin within 12 months of the forgivable grant, with a possible six-month extension

Seven-year affordability and clawback period beginning when the first lease is signed; 15% of the assistance would be forgiven each year for six years, with the final 10% forgiven at the end of year seven. A six-month construction extension may be granted for circumstances outside the organization’s control.

Minutes