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File #: 25-1148    Version: 1 Name:
Type: Resolution Status: Consent Agenda
File created: 8/7/2025 In control: County Administrator
On agenda: 8/26/2025 Final action:
Title: Approval and execution of Resolution for the issuance of Multi-Family Housing Revenue Tax Exempt Bonds, in an amount not-to-exceed $30,000,000, to finance the acquisition, construction and equipping of Osprey Sound Phase 2 Apartments, a residential rental community for seniors 62+, of low, middle and moderate income in Orange County, Florida, District 6. (Housing Finance Authority)
Attachments: 1. Osprey 2 Agenda Development Packet
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Interoffice Memorandum

 

DATE: August 6, 2025

 

TO: Mayor Jerry L. Demings and County Commissioners

 

THROUGH: N/A

 

FROM: Frantz Dutes, Executive Director, Orange County Housing Finance Authority

 

CONTACT: Shawn Tan, Director, Program Operations

 

PHONE: 407-894-0014

 

DIVISION: N/A

 

ACTION REQUESTED:

title

Approval and execution of  Resolution for the issuance of Multi-Family Housing Revenue Tax Exempt Bonds, in an amount not-to-exceed $30,000,000, to finance the acquisition, construction and equipping of Osprey Sound Phase 2 Apartments, a residential rental community for seniors 62+, of low, middle and moderate income in Orange County, Florida, District 6. (Housing Finance Authority)

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PROJECT: Acquisition, construction, and equipping of Osprey Sound Phase 2 Apartments, a multi-family development in Orange County. The physical address of this project is 5453 S Rio Grande Ave., Orlando, FL 32839 (District 6).

 

PURPOSE: On May 29, 2025, the Housing Finance Authority received an application for Multi-Family Tax-Exempt Bonds, in the amount of $30M, from Osprey 2 Owner, LLC, for the acquisition, construction, and equipping of Osprey Sound Phase 2 Apartments, a multi-family development in Orange County. The proposed project involves the construction of an affordable housing community, consisting of 116-units. The proposed bedroom mix are as follows: 60 1-bed/1-bath units; 44 2-bed/2-bath units; and 12 3-bed/2-bath units. Monthly rents are projected to range from $1.080 to $2,096. All units will be restricted to senior (age 62+) households earning 50%, 60%, and 70% of the Area Median Income (AMI). The income averaging rule will be applied resulting in a proposed Set-Aside at 100% of the units at 60% or lower of the Area Median Income (AMI). Complete project information is included in the document.

 

BUDGET: N/A