Housing Authority secures funding from Lee County agency

On the agenda for the Sarasota County Commission’s Feb. 25 meeting was a public hearing of resolutions relating to approving the use of tax-exempt loans to the Sarasota Housing Authority of $25 million to finance Amaryllis Park Place III and $27 million for Lofts on Lemon II.

The lender is the Housing Finance Authority of Lee County.

What does a government agency in Lee County have to do with financing public housing projects in Sarasota, one might ask?

Florida statute authorizes the creation of housing finance authorities within the state for issuing revenue bonds to assist in relieving the shortage of affordable housing. According to its website, the Housing Finance Authority of Lee County is a not-for-profit governmental agency charged with improving access to affordable housing in Southwest Florida.

In 2021, Sarasota County and the agency entered into an interlocal agreement to authorize it to issue bonds in the county, when requested by the county, to finance qualifying local affordable housing developments. 

The commission unanimously approved the resolutions with no discussion, other than a comment from Teresa Mast.

“This is one that when people read this, they go, ‘What do we have to do with Lee County?’” Mast said, adding she has asked if the County Attorney’s Office has looked into the agreement, requesting it be reviewed. “I just wanted to make sure that our citizens understand that we're not just blindly approving things and that we will have a very intricate review of this to see if perhaps this might be a bit antiquated and if it's something that still requires our attention.”

The nearly quarter-century agreement may be terminated at any time, providing advance written notice. 

The SHA is planning Lofts on Lemon II, which will include 100 rental apartment units to serve low-income families. The first phase, which fronts Cohen Way, offers 128 units plus amenities. The second phase will front Lemon Avenue.

Amaryllis Park Place III is a 4.5-acre project that will redevelop aging public housing along 21st Street into 108 rental apartments. Phases I and II of the project already include 164 affordable apartments. 

In addition to providing financing assistance for low-income single-family housing in Broward, Charlotte, Collier, DeSoto, Glades, Hendry, Lee, Monroe, Palm Beach and Sarasota counties, Housing Finance Authority of Lee County serves affordable and public housing developments in Lee and Sarasota counties.