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ORANGE COUNTY HOUSING I .  CONSENTAGENDA COUNTY  ADMINISTRATOR 2 v i\\ j mum   i 221  1  EAST  HlULCRES T   STREE T ORLANDO    ,  FLORIDA 328O3 TELEPHONE: 4O7-894-OO14 FAX   : 407-897-667 9 W.D.  Morris Executive  Director CPNSENT ACENDA TO: FROM: CONTACT: DATE: SUBJECT: \ Richard Grotty, Orange CountyMayor -and  - Orange County Board of County^mmissioners W.D. Morris, Exec Orange CountyHe Mildred Guzman, Multi-Family  Program Administrator Orange County Housing Finance Authority 894-0014, Ext. 310 January 8, 2007 ORANGE COUNTY HOUSING FINANCE AUTHORITY -  APPROVAL AND EXECUTION OF   THE   AUTHORIZING   RESOLUTION   FOR  THE   ISSUANCE   OF  MULTI-FAMILY HOUSING   REVENUE  BONDS  FOR  THE   FINANCING   &   DEVELOPMENT  OF  THE PROPOSED   PROJECTS  -   'COVE  ON  CONWAY  PHASES   I  &  II'   -  IN ORANGE COUNTY. ORANGE COUNTY BOARD OF COUNTY COMMISSIONERS MEETING TUESDAY, JANUARY23, 2007. 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,   and   each governmental  unit having jurisdiction  over the area in which the bond financed facility will belocated. On December  6, 2006 the Orange County  Housing  Finance  Authority's  Board  of Directors approvedthe inducement of the following proposed multi-family developments to be located in Orange County. The proposed projects are as follows: PROJECT/LOCATION (i). The Cove on Conway - Phase 1 t o  be located on the south side of Hoffner Road, approximately  .53 miles east of Conway Road, in Orlando,  Orange County, Florida    -  Commission District 4 (ii). Th e Cove on Conwav - Phase II t o  be located on the south side of Hoffner Road, approximately  .53 miles east of Conway Road, in Orlando, Orange County, Florida    -  CommissionDistrict 4 NO. OF UNITS 96 60 OWNER The Cove on Conway Partners, L.L.L.P., a Florida limited liability limited  partnership The Cove on Conway Partners II, L.L.L.P., a Florida limited  liability limited  partnership I N  AN AMOUNT NOT-TO-EXCEED $8,600,000 $5,500,000 Of the 156 total units proposed for construction  in the developments, seventy percent (70%) or 110 units will be set-asidefor families or individuals at 60% of the Area Median Income (AMI).  The remaining thirty percent (30%)   or 46 units will be structured at market-rate rents.  Rents will range from $577 for 1bd/1bt - to - $854 for 4bd/3bt for the affordableset-aside units and $849 for 1 bd/1 bt - to - $1,369 for 4bd/3bt market-rate. Board  of Directors: a  Ann  Brown  Payne,  Chairman aJeffStueve, Vice-Chairman •  David A. Johnston a   Barbara Ashley-Jones ts   Clemente  Cuevas 16

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