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Volusia County delays $1.7 million award for Banyan Development after debate over timing, rents and tax credits
Summary
Council members split on whether county SHIP/HOME funds should be used for new 84-unit affordable housing near DeLand SunRail station; council voted to table the proposed $1.7 million award to Banyan Development Group until the second meeting in April to allow follow-up on tax-exemption, site concerns and flood/market questions.
Volusia County Council voted to table consideration of a proposed $1,700,000 award to Banyan Development Group LLC for an 84-unit affordable housing project after more than an hour of public comment and council debate on March 18.
Carmen Hall, community assistance director, told the council the proposed award would come from federal and state affordable-housing allocations that must be used for development or rehabilitation of affordable units; she said the Banyan proposal would leverage roughly $32 million in additional private and tax-credit equity and would provide a 50-year affordability period required by the state program. Alexander Kiss, managing partner of Banyan Development Group, described use of federal Low Income Housing Tax Credits and a private-equity investor structure to lower borrowing costs and keep rents constrained.
Council discussion focused on three areas: (1) whether the county…
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