Subject:
Title
Resolution approving the issuance by Brevard County Housing Finance Authority of Multi-Family Housing Revenue Bonds (Sunset Palms Apartments Project), in an amount not to exceed $41,000,000
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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, construction, equipping and development of Sunset Palms Apartments (the "Project").
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Summary Explanation and Background:
The Authority received an application from Sunset Palms Apartments, LP for the issuance of multi-family housing revenue bonds in an amount not to exceed $41,000,000 tax exempt bonds to finance the acquisition, construction, equipping and development of the Project. The Project consists of the construction of Sunset Palm Apartment, 2070 Londale Avenue, Palm Bay, Florida, containing 263 units (146 one bedroom and 117 two-bedroom apartments), all of which will be rented to seniors (age 62 and up). The site is properly zoned and will consist of 4 story buildings with elevators. The apartments will have private balconies and a full range of appliances. The property will have amenities such as a community center, fitness room, dog park, pool, pavilion, and front security gate. A Land Use Restriction Agreement encumbering the property will require that a minimum of 40% of the apartment units be set aside and available only to persons earning less than 60% of median income, for as long as the financing is outstanding, or for a term of 30 years, whichever is longer.
On March 26, 2025, the Authority held a public he...
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