Subject:
Title
Resolution approving the issuance by Brevard County Housing Finance Authority of Multi-Family Housing Revenue Bonds (Oak Meadows Apartments Project) in an amount not to exceed $17,600,000
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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 Oak Meadows (the "Project").
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Summary Explanation and Background:
The Authority received an application from Cocoa Leased Housing Associates II, LLLP, for the issuance of multi-family housing revenue bonds in an amount not to exceed $17,600,000 to finance the acquisition, rehabilitation, equipping and development of the Project. The Project consists of the rehabilitation of an existing apartment complex: Oak Meadows, located at 1605 Flower Mound Lane, Cocoa, Florida, containing 120 garden and townhouse apartment units (12 one-bedroom, 60 two-bedroom and 48 three-bedroom apartments). The apartments will be rented to individuals and families. A Land Use Restriction Agreement encumbering the property will require that a minimum of 25% of the apartment units will be set aside and available only to persons earning less than 35% of area median income with the remaining 75% available to persons earning less than 60% of area median income, for as long as the financing is outstanding, or for a term of 30 years, whichever is longer. The Project will include a business center, clubhouse, fitness center, swimming pool, playground, laundry facility, barbeque/picnic area, laundry hookups, marble wi...
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