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Tuesday, October 19, 2021
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County agrees to Summit Villas loan

Summit Villas developers finally received a local government commitment to contribute funding to their proposed low income senior housing project. The county voted 3-0 at the Aug 10, 2021 meeting to loan Summit Villas Senior, LLLP $375,000 which would allow the developer to qualify to compete for funding from the Florida Housing Finance Corporation in the form of a 9% Low-Income-Housing Tax Credit (LIHTC) or in addition to other loan programs to build new residences in place of the uninhabitable existing buildings.  The term of the loan defers payments for 15 years with 0% interest.

Commissioners Steve Champion and Beth Narverud were absent from this meeting.

Terri Beverly, SHIP Loan Coordinator for the Hernando County Housing Authority received a SHIP (State Housing Initiatives Partnership Program) funding request from Summit Villas Senior, LLLP, a partnership of Summit Fortis Development, LLC and BHA Summit Villas Senior Inc., a Florida nonprofit, which is an arm of the Brooksville Housing Authority.

Commissioner John Allocco had one question for Beverly, “Is there any reason you would say not to move forward with this?”  Beverly answered, “No, not at all.”  The three commissioners present expressed their satisfaction of the forward movement, which stalled when the City of Brooksville denied the request last month.

The Summit Villas complex was built in 1973 and has insurmountable issues preventing rehabilitation of the existing buildings.  The buildings contain lead-based paint and asbestos and lack firewalls in attics.  The plan is to raze the existing three buildings containing 36 apartments and replace those with 80 units consisting of 64 one-bedroom and 16 two-bedroom units in a garden-style three-story building.

Summit Villas is expected to provide affordable housing for those 65 and older. Five of the new apartments will be reserved for households meeting the state definition for “special needs.”  “A Person with Special needs” is defined in the Florida state statute as an adult person requiring independent living services or is developing independent living skills and has a disabling condition.  Also included in this definition is a young adult formerly in foster care, a survivor of domestic violence, a person receiving SSDI (Social Security Disability Insurance) or VA (Veterans’ Administration) benefits.

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