The City of Orlando has provided CDBG and Home Grant funding to The Village of Orlando, Inc. (TVO) for the acquisition and rehabilitation of several affordable housing developments including Hope Village, 2912 Orange Center Blvd.; Hope Square, 2919 Orange Center Blvd.; Hope Estates, 3005 Monte Carlo Trail; and Village Square, 927 S. Goldwyn Ave.
TVO has secured refinancing from Valley National Bank to take advantage of more favorable interest rates. One requirement of the refinancing is that the existing loans between TVO and the City of Orlando be subordinated to the new loan(s).
The financial restructuring of existing loans will help ensure these properties remain affordable in accordance with the terms of the funding provided by the City of Orlando. No additional funds are being requested from the City of Orlando.
City staff requests City Council’s approval of The Village of Orlando’s subordination request with no additional City responsibilities, and authorization for the mayor to execute all related documents.