Subject:
Title
Resolution approving the issuance of Multi-Family Housing Revenue Bonds by Brevard County Housing Finance Authority (Southlake Towers 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, rehabilitation, equipping and development of Southlake Towers (the "Project").
End
Summary Explanation and Background:
On October 22, 2019, the Board of County Commissioners adopted Resolution No. 2019-212, which approved the issuance within the meaning of Section 147(f) of the Internal Revenue Code of 1986, as amended, of the Authority's Multifamily Housing Revenue Bonds (Southlake Towers Project), in the principal amount of not to exceed $11,000,000. Subsequently, Southlake Towers, LLLP, an affiliate of ReBuild America -Phoenix, Inc., submitted a request for an additional $2,200,000 in bonds to cover increased construction and development costs for the Project, for a total issue size of $13,200,000 to finance the acquisition, rehabilitation, equipping and development of the Project. The Project is an existing apartment complex located at 5501 Pinewood Drive, Northeast, in Palm Bay, Florida, and consists of 85 units (22 efficiency and 63 one-bedroom apartments), which will be rented to elderly residents (age 62 and over) of lower and moderate income. A Land Use Restriction Agreement encumbering the property will require that 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 30 years, whichever is longer. Project amenities will include a laundry facility, two community rooms,...
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