www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - August 12, 2014
REVISED August 12, 2014 - Regular Meeting
Agenda Item #24


Subject
HUD Amendment to Land Use Restriction Agreement for Oakwood Apartments

Briefings
None

Contact and/or Presenter Information

Suzie Dobbs
Community Development Manager
Extension 3937



Action Requested
Approval and execution of HUD Amendment to the Land Use Restriction Agreement and Deed Restrictions (LURA) for Oakwood Apartments required by the United States Department of Housing and Urban Development to allow primary position of HUD insured mortgage.

Enabling/Regulating Authority
11.1.4 Manatee County Comprehensive Plan - Efficiency in Service Delivery

Background Discussion
  • On June 22, 2010, BOCC approved the LURA for Oakwood Apartments for the purpose of providing affordable rental housing in Manatee County for very low and low income families.
  • Oakwood Apartments, LLC, is seeking financing through the United States Department of Housing and Urban Development (HUD) for construction financing of the project.
  • HUD is requiring certain specific language to the LURA to ensure that HUD is in primary position in respect to the financing and HUD insured mortgage granted to Oakwood Apartments, LLC.
  • An Amendment to the LURA is hereby requested to incorporate the language required by HUD as it pertains to the HUD mortgage prior to August 26, 2014.


County Attorney Review
Not Reviewed (Utilizes exact document or procedure approved within the last 18 months)

Explanation of Other


Reviewing Attorney
N/A

Instructions to Board Records

Please return one original and one certified copy of executed amendment to Suzie Dobbs, Neighborhood Services Department, Extension 3937



Cost and Funds Source Account Number and Name
None

Amount and Frequency of Recurring Costs
None


Attachment:  Oakwood Apartments - Amendment 1 - HUD Rider to Restrictive Covenants - July 10 2014.pdf