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Developer outlines affordable‑housing finance tools, incentives and local options for Cocoa Beach
Summary
Tim Wheat of Pinnacle described Low‑Income Housing Tax Credit financing, tax‑exempt bonds, public‑private partnerships, residency preferences under the Live Local Act and local incentives that can help support affordable units in high‑cost coastal communities.
Tim Wheat, a partner with affordable‑housing developer Pinnacle, presented financing approaches and local incentives to support affordable housing and answered residents' questions about siting, demand and the Live Local Act.
Wheat explained federal and state finance tools developers commonly use, including 9% Low‑Income Housing Tax Credits (LIHTC), 4% credits tied to tax‑exempt bonds, and layering of private debt, tax credit equity and local gap funding. He framed the shortage of affordable housing as a supply problem: "We need more supply. More supply is the solution to our problem," Wheat said.
Wheat described how the 9% LIHTC program is competitive and can cover roughly 60–80% of development costs when awarded, while the 4% credit is generally paired with tax‑exempt bonds and may require additional subsidy. He said states receive an annual allocation of 9% credits (Florida cited a current allocation figure during the presentation) and that investors…
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