Subject:
Title
Resolution approving the issuance of multi-family housing revenue bonds by Brevard County Housing Finance Authority (Tropical Manor 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 development of Tropical Manor (the "Project").
End
Summary Explanation and Background:
The Authority received an application from HKH Tropical, LP for the issuance of multi-family housing revenue bonds in an amount not to exceed $8,000,000 to finance the acquisition, rehabilitation and development of the Project. The Project is an existing 85-unit apartment complex (85 two-bedroom apartments) located at 1165 Jordan Road, Merritt Island, Florida. The apartments will be rented to individuals and 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 and families 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 a community room, office/laundry/maintenance room, double pane energy star windows, new front doors, smart TV/computer combo in all units with landlord paid high speed internet/TV package, splash pad, tot lot, basketball court, picnic tables and barbecues, and five Americans with Disabilities Act (ADA) compliant units.
On May 27, 2020, the Authority held a public hearing, following proper publication of notice, for the purpose of receiving public input on the proposed project and bond issuance. A report of the public comments received is attached. In...
Click here for full text