Subject:
Title
Resolution approving the issuance of Multi-Family Housing Revenue Bonds by Brevard County Housing Finance Authority (The Venue at Viera Senior Living Project)
End
Fiscal Impact:
None
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
The Brevard County Housing Finance Authority (the "Authority") is requesting that the Board approve a Resolution to allow the Authority to apply for an allocation with the Florida Division of Bond Finance and to allow the issuance by the Authority of multi-family housing revenue bonds to finance the acquisition, construction, equipping and development of The Venue at Viera Senior Living (the "Project").
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Summary Explanation and Background:
The Authority received an application from Venue at Brevard Partners, Ltd., (the general partner of which is Southern Affordable Services, Inc., a not-for-profit corporation), for the issuance of multi-family housing revenue bonds in an amount not to exceed $16,755,000 to finance the acquisition, construction, equipping and development of the Project. The Project is new construction of 145 apartment units (37 one bedroom, 46 two bedroom and 62 three-bedroom apartments) located at the southeast corner of the intersection of North Wickham Road and Wyndham Drive in Melbourne, Florida. The apartments will be rented in accordance with the Fair Housing Act Housing for Older Persons Exemption, Code of Federal Regulations 24, Subpart E. A Land Use Restriction Agreement encumbering the property will require that a minimum of 40% of the apartment units will 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 15 years, whichever is longer. The Project will include laundry hook-ups inside each unit, 15 seer air conditioning, energy efficient lighting, energy star appliances and granite kitchen countertops.
On March 25, 2020, the Authority held a public hearing, following ...
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