Bill Type and Number: Resolution 2007-163

Sponsor: The Council President at the request of the Jacksonville Housing Finance Authority:

Date of Introduction: February 13, 2007

Committee(s) of Reference: F; ECID

Date of Analysis: February 16, 2007

Type of Action: Bond Issuance Approval

Bill Summary: This bill authorizes and approves the issuance by the Jacksonville Housing Finance Authority of its Multifamily Housing Revenue Bonds (Pinewood Pointe Apartments), Series 2007, in an aggregate principal amount not to exceed $10,000,000 for the purpose of financing the acquisition, rehabilitation and equipping of a multifamily rental housing development to be known as “Pinewood Pointe Apartments.” The housing complex is located at 1801 Kernan Boulevard, in Council District 3.

Background Information: To alleviate the shortage of rental housing for eligible persons and families of moderate, middle and lesser income, the State of Florida authorizes and empowers the Jacksonville Housing Finance Authority to finance the debt of a “qualifying housing development.” Pinewood Pointe Apartments will have approximately 136 units. The bonds shall not be deemed to constitute a debt, liability or obligation of the Authority, the City of Jacksonville or Duval County. The bonds shall be payable solely from revenues derived from the sale, operation, or leasing of the apartment complex.

Policy Impact: Affordable housing/Jacksonville Housing Finance Authority

Fiscal Impact: This legislation authorizes the issuance of bonds in an aggregate principal amount not to exceed $10,000,000.

Analyst: Jackson