Interoffice Memorandum
DATE: November 6, 2024
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: N/A
FROM: Frantz Dutes, Interim 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 2024-B-07 for the proposed issuance of Multi-Family Housing Revenue Tax Exempt Bonds, to finance the acquisition, and rehabilitation of Huntington Reserve Apartments, a rental residential project for persons of low, middle and moderate income located in the city of Sanford, Seminole County, Florida, in an amount not-to-exceed $34,373,650.36. (Housing Finance authority)
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PROJECT: Acquisition and rehabilitation of Huntington Reserve Apartments, an existing multifamily development consisting of 168 3-bedroom, 2-bathroom units, 100 percent of which will be affordable to individuals or families making 60% of area median income or less, located at 2000 Rosecliff Circle, Sanford, Florida, 32773.
PURPOSE: In accordance with Section 147(f)(2) of the Internal Revenue Code, on September 24, 2024, the Seminole County Board of County Commissioners as the “host” county, approved Resolution #2024-99, for Multi-Family Housing Revenue Bonds to finance the acquisition, rehabilitation, and equipping of Huntington Reserve Apartments. In addition to securing “host” county approval, Bond Counsel has requested that Orange County as the “issuer” approve the Resolution pursuant to Section 147(f)(2) of the Internal Revenue Code and the regulations promulgated thereunder.
BUDGET: N/A