Interoffice Memorandum
DATE: June 11, 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-09 for the issuance of Multi-Family Housing Revenue Tax Exempt Bonds, in an amount not-to-exceed $25,000,000, to finance the acquisition and rehabilitation of a property known as Crossroads Apartments, a residential rental community in Orange County, Florida, District 6. (Housing Finance Authority)
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PROJECT: Acquisition and rehabilitation of Crossroads Apartments, an existing residential rental community consisting of 94 units located at 4381 Crossroads Court, Orlando, FL 32811.
PURPOSE: On May 21, 2025, the Authority received an application for Multi-Family Tax-Exempt Bonds, in the amount of $25M, from Crossroad Preservation LP, for the acquisition, rehabilitation, and equipping of Crossroads Apartments. This existing residential rental community consists of 94 units. The proposed bedroom mix are as follows: 52 one-bed/one-bath units; 24 three-beds/one-bath units; and 18 three-beds/one-bath townhome units. Monthly rents are projected to range from $2,275-$2,690. The rents will be supported by a 20-year, Section-8 Housing Assistance (“HAP”) contract, covering 94 units. The proposed Set-Asides are 40% at 60% or lower of the Area Median Income (AMI). Complete project information is included in the document.
BUDGET: N/A