Interoffice Memorandum
DATE: November 7, 2024
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: N/A
FROM: Tanya Wilson, AICP, Director
Planning, Environmental, and Developmental 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 Apopka Leased Housing Associates I, LLLP, and Neighborhood Lending Partners of Florida, Inc., regarding the Affordable Housing Trust Fund Program in th amount of $7 million and Coronavirus Local Fiscal Recovery Fund in the amount of $4 million Y22-1047RM - The Mira. District 2. (Housing and Community Development Division)
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PROJECT: Multi-Family Affordable Housing Developer’s Agreement regarding the Affordable Housing Trust Fund Program and Coronavirus Local Fiscal Recovery Fund
PURPOSE: On July 5, 2022, Orange County issued a Request for Proposals Y22-1047-M for Multi-Family Affordable Housing with the source funding coming from the Affordable Housing Trust Fund Program. On February 7, 2023, the Board approved the ranking and selection of two firms under RFP Y22, WHFT Affordable II, Ltd doing business as Catchlight Crossing and Apopka Leased Housing Associates I, LLLP, and approved for the Procurement Division Manager to execute Developer Agreements and negotiate the terms of the loans within the proposed budget. This selection included Apopka Leased Housing Associates I, LLLP, which intends to develop a new 300-unit affordable senior housing project to be known as “The Mira.”
The County approved $7,000,000 in funding for the project in the form of a project loan and authorized the Procurement Division to execute developer agreements and negotiate the terms of the loans within the proposed budget. Following this approval, the federal inflation rate increased at an unprecedented pace causing an increase in construction costs outside of the Apopka Leased Housing Associates I, LLLP control. As a result, the project demonstrated a construction funding gap of $4,000,000.
The County recognized the need to maintain the viability of the Project and believed it was beneficial to deliver these much-needed affordable housing units in a timely manner. The Board allocated $4,000,000 in Coronavirus Local Fiscal Recovery Funds for this project within a budget amendment on the March 5, 2024 Consent Agenda. The Board is utilizing available Affordable Housing Trust Fund Program and Coronavirus Local Fiscal Recovery Funds for this Project, totaling $11,000,000. The Multi-Family Affordable Housing Developer’s Agreement provides the terms and conditions of the loan and the compliance requirements throughout the affordability period.
Orange County will utilize the services of Neighborhood Lending Partners of Florida, Inc., a Florida not-for-profit corporation and certified community development financial institution, to facilitate the making of the project loan to Apopka Leased Housing Associates I, LLLP including permanent loan closing and loan servicing.
The County Attorney’s Office has reviewed the agreement as to form.
BUDGET: N/A