The Housing and Community Development Department (HCD) received an application for HOME funding from Anvil-Richard Allen Gardens to rehabilitate an existing 30-unit multi-family rental development known as Anvil-Richard Allen Gardens Apartments. The project is located at 720 Carter Street, Orlando, FL, 32805. The requested funds will be used to rehabilitate twenty-seven (27) units for low- and very-low income households. All of the units are currently two (2) bedrooms and one (1) bath, and under this proposal two of the down stairs units will be converted to one (1) bedroom handicapped accessible units to the fullest extent possible.

The Housing Review Committee (HRC) reviewed Anvil-Richard Allen Gardens’ application on May 4, 2015 and recommended rehabilitation assistance be provided to this project utilizing HOME funds. This assistance will be provided in the form of a deferred loan for ten (10) years at a zero percent (0%) interest rate. Upon the successful completion of the 10 year affordability period, the City will cancel the note and issue a satisfaction of mortgage. A restrictive covenant will be recorded in the Orange County Public Records to ensure the units remain affordable during the 10 year period.

The total cost of the rehabilitation is $775,000. Of this total, the City will provide $695,000 in HOME funding with the balance of $80,000 funded by the developer.  

Six (6) units will be provided to very-low income households and twenty-one (21) units reserved for low income households. No tenants will be displaced due to the rehabilitation activity. The project is scheduled to be completed and fully occupied by July 2016.

Authorize the Mayor/Pro Tem and City Clerk to execute the attached HOME Deferred Loan Agreement in the amount of $695,000, and related documents between the City of Orlando and Anvil-Richard Allen Gardens to rehabilitate 27 units in the Anvil-Richard Allen Gardens after review and approval of the City's Attorney Office.