Interoffice Memorandum
DATE: March 31, 2026
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, Ext. 806
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 $28,000,000, to finance the acquisition, rehabilitation, and equipping of Clarcona Groves Apartments, a residential rental community in Orange County, Florida, District 2. (Orange County Housing Finance Authority)
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PROJECT:
Clarcona Groves Apartments, a 264-unit community located at 5462 Clarcona Key Blvd. Orlando, FL 32810.
PURPOSE:
The proposal is for the acquisition, rehabilitation, and equipping of Clarcona Groves Apartments, an existing residential rental community located in Orange County, Florida, District 2. The proposed development consists of 144 2br/2ba 88 3br/3ba and 32 4br/2ba units with rents ranging from $1,211-$1,901. This proposed development will set aside 100% of the units for families that earn 60% or less of the Area Median Income (AMI). The Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) created a requirement that all industrial development bonds issued after December 31, 1982, for the purpose of financing multi-family housing developments require approval by the Orange County Housing Finance Authority (the Authority), and each governmental unit having jurisdiction over the area in which the bond financed facility will be located. Accordingly, the Authority requests approval and execution of the attached Resolution to facilitate financing for the proposed project. Complete project information is included in the document.
BUDGET: N/A