Subject:
Title
Resolution approving the issuance of multi-family housing revenue bonds by Brevard County Housing Finance Authority (Millennia Housing 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 and equipping of Jupiter Ridge, Armstrong Glen and Sandpoint Village (collectively the "Millennia Project").
End
Summary Explanation and Background:
The Authority received an application from Brevard FL TC, LP (Millennia Housing Development, Ltd., as developer), for the issuance of multi-family housing revenue bonds in an amount not to exceed $24,840,000 to finance the acquisition, rehabilitation and equipping of the Project. The Project consists of the rehabilitation of three existing apartment complexes: Jupiter Ridge (formerly Arch Creek Run), 173 Rachel Street, Melbourne, Florida, containing 96 units (52 one bedroom, 37 two bedroom and 7 three bedroom apartments), Armstrong Glen (formerly Cocoa Lakes), 201 St. Clair Drive, Cocoa, Florida, containing 50 units (18 one bedroom, 20 two bedroom and 12 three bedroom apartments) and Sand Point Village (formerly Forest Park South) 512 Rockpit Road, Titusville, Florida, containing 68 units (16 one bedroom, 16 two bedroom and 36 three bedroom apartments), all of which will be rented to families. 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.
On March 25, 2020, the Authority held a public he...
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