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.