Interoffice Memorandum
DATE: July 13, 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:
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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, construction, and equipping of Osprey Sound Phase 2 Apartments, a senior residential rental community in Orange County, Florida, District 6. (Orange County Housing Finance Authority)
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PROJECT:
Osprey Sound Phase 2 Apartments is a 116-unit senior affordable housing rental development located near 5453 S Rio Grande Avenue, Orlando, FL 32839.
PURPOSE:
The proposed development consists of 116 affordable units restricted to households earning 50%, 60%, or 70% of the Area Median Income (AMI). The household income of all units will average 60% or less of the AMI. The proposed unit mix are: 60 one-bedroom/ one-bath units, 44 two-bedroom/ two-bath units, and 12 three-bedroom/ two-bath units. Monthly rents are projected to range from $1,080 to $2,096.
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 the 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 is seeking 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