Items Types:
For Meeting of:
March 28, 2016
District: 2 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

ONIC-Hollowbrook, LLC New Restrictive Covenant


On January 25, 2016 the City Council approved a request from ONIC-Hollowbrook, LLC to approve a refinancing of existing loans to take advantage of available lower interest rates. This request also included a subordination of a March 6, 2006 SHIP loan in the amount of $349,889.00 and an October 30, 2006 HOME loan in the amount of $386,239.00. No changes were made to the affordability periods associated with our SHIP and HOME loans as a result of ONIC's refinancing.

Under the terms of ONIC's new loan with Greystone Funding Corporation, 58 units shall be rented and made affordable to persons or families with a total Annual Income that does not exceed sixty percent (60%) of the median income within the Orlando Metropolitan Statistical Area for a period of 15 years.  The City also desires to keep these units affordable and has agreed to  monitor the 58  units during the 15 year affordability period to ensure the units remain leased to income eligible tenants as required by the new loan and stated in the new Restrictive Covenant attached. 

Hollowbrook Apartments is a 144-unit development located at 5465 Curry Ford Road.

Fiscal & Efficiency Data: No fiscal impact

Recommended Action:
City staff requests City Council approval of the new restrictive covenant with ONIC-Hollowbrook, LLC and authorization for the mayor to execute all related documents.

Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Approved By:

Department Date and Time
Budget Outside Routing Approval 3/18/2016 12:22 PM
City Clerk 3/18/2016 1:14 PM

Name: Description: Type:
Hollowbrook_Declaration_of_Covenants_and_Restrictions_revised_3_16_2016.doc Declaration of Covenants and Restrictions Backup Material
HUD_Amendment_to_Restrictive_Covenant_(HOME)(8994_1641).docx HUD Amendment to Restrictive Covenant (HOME) Backup Material
HUD_Amendment_to_Restrictive_Covenant_(SHIP).docx HUD Amendment to Restrictive Covenant (SHIP) Backup Material
HUD_Rider_to_Restrictive_Covenants_(new).docx HUD Rider to Restrictive Covenant (new) Backup Material

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