DeLand, FL - Volusia County is a step closer to adding more affordable housing units after the County Council approved an incentive agreement with Atlantic Housing Partners, LLP, a Florida limited liability partnership, and Clyde Morris Partners, Ltd., a Florida limited partnership (collectively the Partners).
The agreement will cost the county $60,000 per year for 15 years for a total of $900,000. In exchange, the Partners will construct and manage 216 affordable multifamily units in the City of Daytona Beach at the Clyde Morris Landing development.
The representative for the partners, Attorney Mark Watts, said the agreement will have an immediate impact. "Clyde Morris Landings is built. We're just waiting for the last couple of C.O.s on a few of the buildings. There are 216 affordable family units. In the first phase, there are 88 market-rate unrestricted units so it's a mixed-income development."
Watts said that even though the affordable units are tax-exempt, Volusia County and the city of Daytona Beach, where the project is located, will receive property tax revenue. "The combined total taxes paid by the market-rate portion of the overall project totals just under a million dollars a year. To the county, roughly $225,000 a year. To the city of Daytona, it's $214,000 a year."
When Watts finished his presentation, District 1 Representative Barb Girtman made a motion to approve. Members of the community spoke on the subject and Council members discussed it for about an hour before giving final approval to the incentive agreement.
