Item Coversheet
CITY OF ORLANDO
AGENDA ITEM


Items Types: Housing

For Meeting of: 3/28/2016

District:2 On file (City Clerk):Yes


Subject:ONIC-Hollowbrook, LLC New Restrictive Covenant
Summary:

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 and 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. 
Contact:

ATTACHMENTS:
File NameDescriptionType
Hollowbrook_Declaration_of_Covenants_and_Restrictions_revised_3_16_2016.docDeclaration of Covenants and RestrictionsBackup Material
HUD_Amendment_to_Restrictive_Covenant_(HOME)(8994_1641).docxHUD Amendment to Restrictive Covenant (HOME)Backup Material
HUD_Amendment_to_Restrictive_Covenant_(SHIP).docxHUD Amendment to Restrictive Covenant (SHIP)Backup Material
HUD_Rider_to_Restrictive_Covenants_(new).docxHUD Rider to Restrictive Covenant (new)Backup Material
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