Subject:
Title
Resolution approving the issuance by Brevard County Housing Finance Authority of Multi-Family Housing Revenue Bonds (Emerald Place Apartments Project) in an amount not to exceed $15,000,000
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Fiscal Impact:
None. The bonds will be payable solely from revenues of the Project and will not pledge the revenues or ad valorem taxes of the County or the Authority.
Dept/Office:
Brevard County Housing Finance Authority/County Attorney's Office
Requested Action:
Recommendation
The Brevard County Housing Finance Authority (the "Authority"), a dependent special district of Brevard County, requests that the Board approve a Resolution allowing the Authority to issue multi-family housing revenue bonds to finance the acquisition, rehabilitation, equipping and development of Emerald Place Apartments (the "Project").
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Summary Explanation and Background:
The Authority received an application from Emerald Place Florida, LP for the issuance of multi-family housing revenue bonds in an amount not to exceed $15,000,000 to finance the acquisition, rehabilitation, equipping and development of the Project. The Project consists of the rehabilitation of an existing apartment complex: Emerald Place Apartments, 1040 Tree Lane, Titusville, FL, containing 136 units (24 one-bedroom, 104 two-bedroom and 8 three-bedroom apartments), all of which will be rented to families. The rehabilitation of the apartments will include new flooring, replacement of kitchen cabinets, countertops and bathroom vanities, new windows, exterior and interior doors, painting and new energy star appliances, as well as site improvements such as new security cameras, improvements to exterior lighting, parking lots, playground, laundry room, community room and landscaping. A Land Use Restriction Agreement encumbering the property will require that a minimum of 15% of the apartment units will be set aside and available only to persons earning less than 45% of median income, and 85% of the apartment u...
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