Agenda Item Name:
Title
Pine Grove Housing Project Multifamily Mortgage Revenue Bond Funding Request
End
Presenter:
Candie Nixon (352) 264-6717
Description:
Request approval for bond to finance rehabilitation of existing facility (Pine Grove)
Recommended Action:
Recommended Action
Approve request to submit for a Private Activity Bond in the aggregate principal amount of not to exceed $9,000,000.00.
End
Prior Board Motions:
None
Fiscal Consideration:
Fiscal Consideration
No fiscal liability to the County upon issuance of bond.
End
Background:
This request is for BoCC approval following the adoption of the Alachua County Housing Finance Authority of a Resolution for Multifamily Mortgage Revenue Bonds.
On December 4, 1999, the BoCC enacted Ordinance No.99-25 creating the Alachua County Housing Finance Authority ("HFA") to carry out and exercise, without limitation, except as expressly stated in such ordinance (now codified as Chapter 32 of the Alachua County Code), all powers and public and governmental functions set forth in and contemplated by the Florida Housing Finance Authority Law. The Florida Housing Authority Law grants authority to the HFA to issue tax-exempt revenue bonds to finance qualified affordable housing projects in Alachua County.
The HFA proposes financing a multiple building two-story multifamily apartment project identified as:
Owner: PINE GROVE VOA AFFORDABLE HOUSING, LP
Project Name: PINE GROVE APARTMENTS
Location: 1901 NE 2nd Street, #100, Gainesville, Alachua County, Florida
No. of Units: 96
The Alachua County Housing Finance Authority recommends approval of the BoCC of the issuance of not to exceed $9,000,000.00 multifamily mortgage revenue bonds, SERIES 2021, for the purpose of acquiring, rehabilitating, equipping, and developing a multifamily residential housing facility for persons or families of low, middle or moderate income; further authorizing the execution and delivery of an agreement and between the Au...
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