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Housing Finance Authority (HFA) Lee County - Multifamily Rental Housing Bond Program for Gulf Breeze Apartments Partners, LTD.
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recommendation
Human Services
a) Discuss, consider, and approve the program parameters, including any community benefit commitments the Board may require as conditions in support of the proposed financing for Gulf Breeze Apartments Partners, LTD.; and
b) Authorize the issuance of a Letter of No Objection for the HFA of Lee County to consider the issuance of Multi-family Mortgage Revenue Bonds (MMRB) to Gulf Breeze Apartments Partners, LTD.; and
c) Authorize the Chairman to sign a Letter of No Objection, in substantially the form attached hereto but which shall be prepared by the County Attorney’s Office to include the program parameters as directed by the Board.
**Change, Added attachment- Revised Presentation, 10/09/2025**
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Budgeted Action:
No action needed.
Background:
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Gulf Breeze Apartments Partners, LTD., is seeking local 4% Low-Income Housing Tax Credit (LIHTC) bonds (MMRB) in support of the rehabilitation of Gulf Breeze Apartments, 340 Gulf Breeze Avenue, Punta Gorda, FL 33950. The property consists of 171 affordable units, managed by the Punta Gorda Housing Authority (PGHA), which are being re-syndicated as the permanent loan comes due in 2027. The proposed rehabilitation will include interior and exterior renovations, updated systems, and site improvements designed to preserve long-term affordability and improve habitability for residents.
Pursuant to the Section 3(a) of the Interlocal Agreement with the Housing Finance Authority (HFA) of Lee County, Charlotte County “reserves the right and obligation to approve the need for the program parameters of any bond issue proposed”. Accordingly, a Letter of No Objection from the Charlotte County Board of County Commissioners (“BOCC”) is required. The BOCC is not the issuer of the bonds and bears no financial liability in connection with their issuance. Gulf Breeze Apartments Partners, LTD. will submit a full bond application in the coming weeks.
The Board has the discretion to condition its support on community benefit commitments such as contributions to designated County trust funds, extended affordability periods, tenant relocation protections, accessibility or energy-efficiency upgrades, high-speed internet, or other resident-focused improvements.
Provided for review are:
• Interlocal Agreement with HFA Lee County
• Gulf Breeze - Project Summary
• Gulf Breeze - Development Budget
• Gulf Breeze - Rent Plan (pro forma)
• Gulf Breeze - Draft HFA Bond Application
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