Title:
title
Adopt the Resolution approving the operation of the Housing Finance Authority of Volusia County in Seminole County to issue its multifamily Housing Revenue Bonds in one or more series to provide funds to finance Riverbend Landings Apartment Homes Phase II (Atlantic Housing Partners, Applicant); Countywide (Rebecca Hammock, Development Services Director and Allison Thall, Community Services Director).
end
Division:
division
Development Services - Business Office
body
Authorized By:
Darren Gray, County Manager
Contact/Phone Number:
Rebecca Hammock/407-665-7396
Background:
The developer, Atlantic Housing Partners, of Riverbend Landings Phase II would like to obtain another “area of operation” authority for the Volusia Housing Authority (HFA) to issue bonds for the apartment project that is in Seminole County. Seminole County does not have its own HFA.
Riverbend Landings is located at the northeast intersection of N. Beardall Avenue and E. S.R. 46 in the City of Sanford (3750 E. SR 46).
This request is pursuant to Florida Statutes 159, Part IV, Housing Finance Authorities. Specifically, Section 159.603(1) defines an area of operation as follows:
“Area of Operation” means the area within the territorial boundaries of the county for which the housing finance authority created, and any area outside the territorial boundaries of such county if the governing body of the county within which such outside area is located approves. The approval may be a general approval or an approval only for specified qualifying housing developments or only for a specified number of qualifying housing developments.
The project consists of a 50-unit multifamily residential rental apartment project, to be known as "Riverbend Landings Apartment Homes - Phase II" At least 20% of such units are to be occupied by persons of low and moderate income, whose income does not exceed 50% of the area median income.
The attached Resolution is consistent with Florida Statutes Chapter 159, Part IV. It provides that the Volusia Housing Finance Authority may issue bonds for the Riverbend Landings Apartment Homes - Phase II in the City of Sanford.
recommendation
Staff Recommendation:
Recommend the Board of County Commissioners adopt the Resolution approving and authorizing the operation of the Housing Finance Authority of Volusia County in Seminole County so it may issue its multi-family housing revenue bonds for the Riverbend Lands Apartment Homes - Phase II.