City backs transitional housing grant to Heart for Winter Haven

$350,000 forgivable grant

OTHER

Minimum 7 years from date of initial occupancy, lien forgiven 15% per year for first 6 years and final 10% upon completion of 7 years of compliance

Lien on the property in the amount of the grant is forgiven at 15% per year for the first six years of compliant affordable use, with the remaining 10% forgiven after seven years of compliance. If Heart for Winter Haven defaults and fails to cure within 30 days, the lien amount becomes due and payable.

StaffReport