Subject:
Title
Resolution approving the issuance by Brevard County Housing Finance Authority of Multi-Family Housing Revenue Bonds (Manatee Cove Project), in an amount not to exceed $16,000,000 in tax exempt bonds.
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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 Manatee Cove (the “Project”).
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Summary Explanation and Background:
The Authority received an application from Richman Manatee Cove, LLC for the issuance of multi-family housing revenue bonds in an amount not to exceed $16,000,000 in tax exempt bonds to finance the acquisition, rehabilitation, equipping and development of the Project. The Project is located at 746 Madelyn Way, Melbourne, Florida, and consists of containing 192 units (128 two bedroom/two bath and 64 three bedroom/two bath apartments), all of which are rented to families. The site is properly zoned and consists of 8 garden style walk-up buildings on 14.35 acres. The apartments will have a full range of appliances, and the property will have amenities such as a community center/clubhouse, an exercise room, a pool, outside recreational facilities and a computer lab. A Land Use Restriction Agreement encumbering the property will require that 100% of the apartment units will be set aside and available only to persons earning 60% or less of area median income, for as long as the financing is outstanding, or for a term of 30 years, whichever is longer.
On June 24, 2026, the Authority held a public hearing, follow...
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