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File #: 25-925    Version: 1 Name:
Type: Resolution Status: Consent Agenda
File created: 6/11/2025 In control: County Administrator
On agenda: 7/1/2025 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 and rehabilitation of a property known as Palm Grove Gardens Apartments, a residential rental community in Orange County, Florida, District 6. (Housing Finance Authority)
Attachments: 1. Palm Grove Gardens Agenda Package
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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:

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 and rehabilitation of a property known as Palm Grove Gardens Apartments, a residential rental community in Orange County, Florida, District 6. (Housing Finance Authority)

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PROJECT: Acquisition and rehabilitation of Palm Grove Gardens, an existing residential rental community consisting of 142-units located at 3944 WD Judge Drive, Orlando, FL 32808.

 

PURPOSE: On May 15, 2025, the Authority received an application for Multi-Family Tax-Exempt Bonds, in the amount of $30M, from Standard Palm Grove Venture LP for the acquisition, rehabilitation, and equipping of Palm Grove Gardens Apartments. This existing residential rental community consists of 142-units. The proposed bedroom mix are as follows: 13 one-bed/one-bath units; 100 two beds/two-baths units, and 29 three-beds/one-bath units. Monthly rents are projected to range from $2,025-$2,950. The rents will be supported by a 20-year, Section-8 Housing Assistance (“HAP”) contract, covering 141 of 142 units. The remaining one-bed-one-bath unit will be a non-project-based Section-8 unit. 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