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:
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Approval and execution of Resolution 2025-B-10 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