Interoffice Memorandum
DATE: November 25, 2024
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: N/A
FROM: Tanya Wilson, AICP, Director Planning, Environmental, and Development Services Department
CONTACT: Mitchell Glasser, Manager
PHONE: 407-836-5190
DIVISION: Housing and Community Development Division
ACTION REQUESTED:
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Approval and execution of Multi-Family Affordable Housing Developer’s Agreement between Orange County, Florida and Cardinal Pointe, Ltd. and Neighborhood Lending Partners of Florida, Inc. regarding the State Housing Initiatives Partnership Program RFA 2023-202 Cardinal Pointe in the amount of $610,000. District 3. (Housing and Community Development Division)
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PROJECT: Multi-Family Affordable Housing Developer’s Agreement
PURPOSE: The Board approved the award of Local Government Areas of Opportunity Funding (Local Government Contribution) in the amount of $610,000 to Cardinal Pointe, Ltd. on August 22, 2023. The Local Government Contribution was required under the Florida Housing Finance Corporation (FHFC) Request for Applications 2023-202 for FHFC Low-Income Housing Tax Credit Program. The FHFC selected and approved funding for the Cardinal Pointe Senior affordable rental community on October 27, 2023.
The Cardinal Pointe development is a new, affordable, 120-unit, rental housing development for seniors. The project is located at 7550 Snyder Drive. All the units shall be rented to a Low-Income Senior Person (62+) making 60 percent or less of the area median income. At least 12 units will be set aside for Senior residents with incomes at least 40% of the MSA median income and 108 units will be set aside for elderly residents with incomes at 60% of the MSA median income. The developer, Cardinal Pointe, Ltd., met all the conditions for the Local Government Contribution funds. The local funds are currently budgeted under the State Housing Initiative Partnership program. The County’s contribution will be in the form of a loan to the project at an interest rate of one-half on one percent simple interest per annum on the outstanding principal balance amortized over 35 years.
The County will utilize the services of Neighborhood Lending Partners of Florida, Inc., (NLP) to facilitate the loan closing and loan servicing. NLP is a nonprofit Community Development Financial Institution currently under contract with Orange County to perform mortgage loan services. The tri-party developer’s agreement establishes all the terms and conditions for the Local Government Contribution loan. The County Attorney’s Office has reviewed the agreement as to form.
BUDGET: N/A