Interoffice Memorandum
DATE: September 4, 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 ext. 806
DIVISION: N/A
ACTION REQUESTED:
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Approval and execution of Resolution 2024-B-06 for the issuance of Multi-Family Housing Revenue Tax Exempt Bonds, to finance the acquisition, construction, and equipping of The Waters Apartments, a proposed development in Orange County, Florida, District 2, in an amount not-to-exceed $41,000,000. (Housing Finance Authority)
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PROJECT: The Waters Apartments. The proposal involves the construction of a senior community, consisting of 180-units, located at 1255 Plymouth-Sorrento Road, Apopka, Florida 32712. The proposed development consists of 72 1-bed/1-bath, 80 2-beds/2-baths and 3-beds/2-baths. Rents are projected to range from $911-$1,272. The proposed Set-Asides are 100% at 60% Area Median Income (AMI).
PURPOSE: On July 5, 2023, the Authority received an application for Multi-Family Tax-Exempt Bonds in an amount not-to-exceed $41,000,000 from Apopka Leased Housing Associates II, LLLP, to finance the acquisition, construction and equipping of a multi-family rental unit. At the County Commission Meeting conducted on October 10, 2023, the Board approved a TEFRA Resolution (2023-B-08) for the issuance of Multi Family Housing Revenue Bonds to finance the acquisition, construction, and equipping of the proposed development. The Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing is a federal requirement that must be complied with. In accordance with federal tax law, the Board's TEFRA approval is issued for one year, as a result the current approval will expire on October 10, 2024. We anticipate that the developer will not be in a position to secure financing, and close on the transaction before the expiration date of the current TE...
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