SUBJECT
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Adopt Resolution approving issuance of Housing Finance Authority Multifamily Housing Revenue Bonds for Episcopal Catholic Apartments Owner, LLLP for a Rental Housing Facility Project for elderly persons or families of moderate, middle, or lesser income. (No fiscal impact)
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DESCRIPTION
On October 17, 2023, the Board of County Commissioners adopted Resolution No. 2023-148 which approved the issuance by the Authority of $34,000,000 of Bonds for a Rental Housing Facility Project for elderly persons or families of moderate, middle, or lesser income to be owned by Episcopal Catholic Apartments Owner, LLLP or an affiliate thereof. On November 30, 2023, the Authority issued $30,000,000 of Bonds for the Project but would have to wait until January 2024 to request the additional $4,000,000 from the Division of Bond Finance, as it was not available in 2023. The request for the additional $4,000,000 was granted by the Division of Bond Finance.
Despite the fact the Board of County Commissioners previously approved the additional $4,000,000 pursuant to Resolution No. 2023-148, a technical glitch requires that the $4,000,000 be approved again. Since the $4,000,000 is to be issued after closing on the $30,000,000, the federal rules required that the TEFRA Notice say that the financing was subject to a “plan of finance” meaning that there could be subsequent issuances with no further hearings or approvals for up to three years. Because the language in the TEFRA Notice stated, “in one or more series” instead of “plan of finance”, the amount must be approved again.
RECOMMENDATION
Adopt Resolution approving the issuance of the Housing Finance Authority Multifamily Housing Revenue Bonds in the amount of $4,000,000.
FISCAL IMPACT
No fiscal impact.
CONTACT INFORMATION
Randy Mink
County Attorney
863-534-7679