Title:
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Orange County Housing Finance Authority Multifamily Housing Revenue Bonds Series [To Be Designated] (Huntington Reserve Apartments)- Approval of a Resolution of the Board of County Commissioners of Seminole County, Florida, approving, solely for the limited purposes of Section 147(f) of the Internal Revenue Code, the issuance by the Orange County Housing Finance Authority (the "Authority") of not exceeding $33,357,000 of its Multifamily Housing Revenue Bonds Series [To Be Designated] (Huntington Reserve Apartments) for the principal purposes of making a loan or loans to Huntington Reserve Preservation, Ltd. (the "Borrower") to finance or reimburse the Borrower for the costs of for the cost of acquisition and rehabilitation of the Project (as such term is defined in the attached Resolution), fund certain reserves, capitalize interest, if applicable, and to pay certain expenses incurred in connection with the issuance of the Bonds, which is located in the County; and providing an effective date. Countywide (Kate Latorre, County Attorney)
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Division:
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County Attorney Office
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Authorized By:
Kate Latorre
Contact/Phone Number:
Kate Latorre/407-665-7250
Background:
The documents have been reviewed on behalf of the County by Bond Counsel.
There is no need for an additional public hearing by the County.
Approval of the Resolution does not obligate Seminole County to incur liability, pecuniary or otherwise, in the subject transaction and does not impact requirement that the Project have or obtain all necessary land use or zoning approvals or permits.
The approval is solely for the purposes of the applicable provisions of the Internal Revenue Code governing the issuance of tax-exempt bonds (I.R.C.,s. 147(f)). The Authority has been granted “area of operation” authority within Seminole County for this Project.
recommendation
Staff Recommendation:
On behalf of the Authority, staff recommends the Board approve the Resolution and approve, solely for the limited purposes of Section 147(f) of the Internal Revenue Code, the issuance by the Orange County Housing Finance Authority (the "Authority") of not exceeding $33,357,000 of its Multifamily Housing Revenue Bonds Series [To Be Designated] (Huntington Reserve Apartments) for the principal purposes of making a loan or loans to Huntington Reserve Preservation, Ltd. (the "Borrower") to finance or reimburse the Borrower for the costs of for the cost of acquisition and rehabilitation of the Project (as such term is defined in the attached Resolution), fund certain reserves, capitalize interest, if applicable, and to pay certain expenses incurred in connection with the issuance of the Bonds, which is located in the County and owned by Huntington Reserve Preservation, Ltd.