Agenda 06/08/2010 Item #16D 9
Agenda Item No. 1609
June 8, 2010
Page 1 of 10
EXECUTIVE SUMMARY
Recommendation to approve and authorize the Chairman to sign a letter encouraging Florida
Housing Finance Corporation to maintain the afford ability of rental apartment developments
following foreclosure sales initiated by the Corporation and to accept a report of options available
to Collier County to maintain the affordability of rental apartment developments that may be the
subject of future foreclosure proceedings.
OBJECTIVE: To approve and authorize the Chairman to sign a letter encouraging Florida Housing
Finance Corporation to maintain the affordability of rental apartment developments following foreclosure
sales initiated by the Corporation and to accept a report of options available to Collier County to maintain
the affordability of rental apartment developments that may be the subject of future foreclosure
proceedings.
CONSIDERATIONS: On May 25, 2010, under Staff and Commission General Communications, the
Board of County Commissioners expressed concem when discussing the recent disclosure that two
affordable rental apartment developments located in Collier County are either pending foreclosure or have
been foreclosed upon by Florida Housing Finance Corporation ("FHFC"). The third property discussed is
currently the subject of foreclosure by the U.S. Department of Housing and Urban Development and has
no association with FHFC. As such, consideration of said property has been excluded from this item.
Specifically, the two projects are Heritage Apartments and Turtle Creek Apartments. Based upon
information contained on FHFC's website, and attached to this item as back-up material, Heritage
Apartments is pending foreclosure, while foreclosure proceedings against Turtle Creek Apartments are
complete. These two projects, when taken together, consist of 588 units of affordable rental apartments.
The Board of County Commissioners requested that a letter be prepared and signed by the Chainnan
encouraging FHFC to maintain the affordability of rental developments following foreclosure sales
initiated by FHFC. A copy of said letter is attached to this item and, if approved, may be executed and
sent directly to Stephen P. Auger, Executive Director of FHFC.
Additionally, the Board of County Commissioners requested infonnation on any options that may be
available to the County to maintain the affordability of rental developments that may be subject to future
foreclosure proceedings. In almost all cases, the assistance provided, if any, by the County to developers
of affordable rental apartment developments would be in a subordinate position. As such, the first lien
holder would be the controlling party and the County would have no recourse to ensure the affordability
remained after the foreclosure was complete. '
Presently, the County has three primary options to attempt to maintain the affordability of rental
apartment developments subject to foreclosure. They are as follows:
1. Continue to encourage foreclosing lenders to make the continued affordability a requirement of
resale.
2. Partner with a non-profit provider of affordable housing to leverage eligible grant funding, if
available, to assist the non-profit in purchasing the development at foreclosure auction.
3. Collier County may seek to purchase the development at foreclosure auction.
If directed by the Board of County Commissioners, staff will fuliher investigate possible resources,
options and strategies that may assist in maintaining affordability.
Agenda Item No. 16D9
June 8, 2010
Page 2 of 10
FISCAL IMPACT: There is no fiscal impact associated with this item.
GROWTH MANAGEMENT IMPACT: There is no Growth Management impact associated with this
item.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the County Attomey's
Office. It is legally sufficient for Board action. - CMG
STAFF RECOMMENDATION: To approve and authorize the Chairman to sign a letter encouraging
Florida Housing Finance Corporation to maintain the affordability of rental developments following
foreclosure sales initiated by the Corporation and to accept a report of options available to Collier County
to maintain the affordability of rental apartment developments that may be the subject of future
foreclosure proceedings.
PREPARED BY: Frank Ramsey, Housing Manager, Housing and Human Services
Agenda Item No. 1609
June 8, 2010
Page 3 of 10
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
1609
Recommendation to approve and authorize the Chairman to sign a letter encouraging Florida
Housing Finance Corporation to maintain the affordability of rental apartment developments
following foreclosure sales initiated by the Corporation and to accept a report of options
available to Collier County to maintain the affordability of rental apartment developments that
may be the subject of future foreclosure proceedings.
6/8/20109:00:00 AM
Meeting Date:
Prepared By
Frank Ramsey
Manager - Housing Development
Date
Public Services Division
Human Services
S/28/2010 8:42:44 AM
Approved By
Marcy Krumbine
Director - Housing & Human Services
Date
Public Services Division
Human Services
S/28/2010 8:51 AM
Approved By
Kathy Carpenter
Executive Secretary
Date
Public Services
Public Services Admin.
S/Z8/Z010 8:S7 AM
Approved By
Marla Ramsey
Administrator - Pubiic Services
Date
Public Services Division
Public Services Division
S/28/2010 2:S5 PM
Approved By
Colleen Greene
Assistant County Attorney
Date
County Attorney
County Attorney
6/1/20102:02 PM
Approved By
OMB Coordinator
Date
County Manager's Office
Office of Management & Budget
6/1/2010 2:09 PM
Approved By
Sherry Pryor
Management! Budget Analyst, Senior
Date
Office of Management &
Budget
Office of Management & Budget
6/1/20103:47 PM
Approved By
Michael Sheffield
Assistant to the County Manager
Date
County Managers Office
6/1f2010 4:00 PM
Agenda Item No. 16D9
June 8, 2010
Page 4 of 10
June 8, 2010
Mr. Stephen P. Auger
Executive Director
Florida Housing Finance Corporation
227 N. Bronough Street
Suite 5000
Tallahassee, Florida 32301
RE: Affordable Rental Apartment Foreclosures
Dear Mr. Auger-
I write to you today in my role as Chairman of the Collier County Board of County Commissioners. The
members of this Commissioner were very concerned to learn that two affordable rental apartment
developments located in Collier County are either pending foreclosure or have been foreclosed upon by
Florida Housing Finance Corporation. Specifically, the two projects are Heritage Apartments and Turtle
Creek Apartments.
These two properties, when taken together, represent a sizable portion of the available affordable
rental apartments for our low income residents; these two properties alone provide 588 units of
affordable rental apartments. The downturn in the local real estate market, elevated unemployment
and the high rate of foreclosures, make the provision of affordable rental apartments imperative at this
time and in the future.
It is the collective opinion of our Commission that Florida Housing Finance Corporation should take all
necessary steps to ensure these units remain affordable once the foreclosure sale has been completed.
Thank you for the opportunity to present our comments.
Very truly yours-
Fred W. Coyle
Chairman
Collier County Board of County Commissioners
-
Turtle Creek Apartments
Naples, Florida
Number of Units:
Year Built:
Management Company:
Average Occnpancy:
Agenda Item No. 16D9
June 8, 2010
Page 5 of 10
.
Location Map
Additional Pictures
.
Primary Contact Information:
Jonathan Richards I Senior Associate'
Investment Properties I Multi-Housing
Group
CB Richard Ellis I Capital Markets
1100 Fifth Avenue South, Suite 100 I
Naples, FL 34102
T 239.659.1447 x181 F 239.659.4028
ionathan.richards@cbre.com
Secondary Contact Information:
Tamara Alford, Asset Manager
Florida Housing Finance Corporation
(850) 488-4197 (phone)
T amara.Alford(cV,fl oridahousin g. org
268
1997
CJ Communities, Inc.
71 % (Sept. 2008- Feb. 2009)
Unit Mix & Rental Rates
Unit Type Number of Square Feet Asking Rent Rent/Sq. Ft.
Units (Approximate) (Approximate)
1 BR/ 1 BA 20 689 $726 $1.05
2 BR/ 2 BA 228 920 $855 $0.93
3 BR/ 2 BA 20 1,103 $971 $0.88
Description
Turtle Creek Apartments is a 268 unit apartment complex located northeast ofTamiami Trail
(U.S. Highway 41) in Naples, FL. This complex sits on 36.27 +/- acres and consists of 12 two and
three story garden style buildings and one clubhouse. Construction of Turtle Creek Apartments
was completed in 1997, overall the property is in average to good condition. In addition, Turtle
Creek offers a variety of amenities to its residents.
P k
Amemtv ac a2e
Common Areas In Unit
. Clubhouse . Mini Blinds
. Leasing Office . Washer/Dryer Hook ups
. Resident Programs . Cable TV Available
. Community Pool . Oven/Range
. Fitness Center . Disposal
,. Courtesy Officer Refrigerator with Ice Maker
. .
. Basketball Court . Vinyl and Carpet Flooring
. Covered Parking . Ceiling Fans in Living Rooms
. Tot Lot
Heritage Apartments
Naples, Florida
Number of Units:
Year Built:
Management Company:
Average Occupancy:
Agenda Item No. 16D9
June 8, 2010
Page 6 of 10
.
Location Map
Additional Pictures
.
Primary Contact Information:
H. 1. Royall (Owner Contact)
Worthwhile Development III, Ltd.
(407) 341-3454 (phone)
(407) 774-0303 (secondary phone)
iroyall2(aJ,earthlink.net
Secondary Contact Information:
Brian Williams, Senior Asset Mgr.
Florida Housing Finance Corp.
(850) 488-4197 (phone)
Brian. Williams@floridahousing.org
320
2002
Services Taylor Made
86% (September 2009 - February 2010)
Unit Mix & Rental Rates
U nit Type Number of Square Feet Asking Rent Rent/Sq. Ft,
Units (Approximate) (Approximate)
1 BR! 1 BA 72 754; 802 $500 $0.66; $0.62
2 BR! 2 BA 176 999; 1047 $600 $0.60; $0.57
3 BR! 2 BA 72 1167; 1184 $805 $0.69; $0.68
Description
Heritage Apartments is a 320 unit apartment complex located in Naples, Florida. This complex
consists of garden style residential buildings and one clubhouse. Construction of Heritage
Apartments was completed in 2002. In addition, Heritage Apartments currently offers a variety of
amenities to its residents.
A 'ty P ka
mem ac 1ge
Common Areas In Unit
. Clubhouse . Mini Blinds
. Leasing Office . W asher/Dryer Hook ups .
. Resident Programs . Cable TV Available
. Community Pool . Oven/Range
. Fitness Center . Dishwasher
. Courtesy Officer . Refrigerator
. Tot Lot . Vinyl and Carpet Flooring
. Car Care Center
. Sand Volleyball Court
-
Flort~ousing
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Properties Pending Foreclosure:
Heritage Apartments (Collier)
Naples, Florida
. Click here for a datasheet on this property
Nelson Park (Lake)
Clermont, Florida
. Click here for a datasheet on this property
Sarah's Place (Lake)
Clermont, Florida
. Click here for a datasheet on this property
Single Family Residence (Miami-Dade)
Miami, Florida .
. Click here for a datasheet on this property
Foreclosed Properties:
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South Springs (Gadsden)
Quincy, Florida
. 9
June 8, 20 0
Page 8 of 0
. Click here for a datasheet on this property
The Landings at Boot Ranch West Apartments
(Pinellas)
Palm Harbor, Florida
. Click here for a datasheet on this property
Turtle Creek Apartments (Collier)
Naples, Florida
. Click here for a datasheet on this property
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Home I AHSC I Contact Us I Website Terms & Conditions IOn-line Survey I Site Map I WebBoard
HOME> PRESERVATION> Preservation Opportunities
.~ ABOUT US
ijir BUSINESS & LEGAL
,li: CALENDARS & NOTICES
,;tit DEVELOPERS
Lt:' DISASTER RELIEF
l:f EMPLOYMENT
It, FOR INVESTORS
GREEN BUILDING
':t' HOMEBUYERS & RENTERS
if HOUSING PARTNERS
i HOUSING RESOURCES
:.... NEWSROOM & LIBRARY
:~ PRESERVATION
:t Preservation Initiatives
Preservation Opportunities
;;: PROPERTY OWNERS & MANAGERS
JESTIONS & ANSWERS
SPECIAL NEEDS HOUSING
UNIVERSAL CYCLE
Preservation Opportunities
DISCLAIMER
Your use of the information contained herein is governed by the Florida
Housing Finance Corporation Website Terms and Conditions, which is
incorporated herein by this reference. Due to the possibility of human
and mechanical error, as well as other factors, the following information
and links to other websites are provided "as is" without warranty of any
kind and, in particular, no representation or warranty, expressed or
implied, is made nor should any be inferred as to the accuracy, timeliness
or completeness of any such information. Florida Housing Finance
Corporation shall have no liability to any person or entity for (a) any loss
or damage in whole or part caused by, resulting from, or relating to any
error or other circumstances involved in procuring, collecting, compiling,
interpreting, analyzing, editing, transcribing, transmitting, communicating
or delivering any such information or (b) any direct, indirect, special,
consequential or incidental damages whatsoever, even if Florida Housing
Finance Corporation is advised in advance of the possibility of such
damages, resulting from the use of, or inability to use, any such
information. This information relates to foreclosed properties owned by
Florida Housing Finance Corporation or a subsidiary entity, as well as
properties in the process of foreclosure but not yet owned by Florida
Housing Finance Corporation or subsidiary entity. Each viewer of the
aforementioned information acknowledges the following (i) Some of the
information displayed on this site relates to real estate that is available for
sale. (ii) Such information is displayed for your informational purposes
only and is not a solicitation by Florida Housing Finance Cor~oration to
engage in any real estate brokerage transaction or any other activity that
requires a real estate license. (iii) Florida Housing Finance Corporation
does not engage in the brokerage of real estate properties (except its own
foreclosure properties) and is neither a real estate broker nor an agent for
a real estate broker. (iv) Independent real estate professionals, not
Florida Housing Finance Corporation, offer all of the property listings
accessible via links from this site.
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Agenda Item No. 16D
June 8, 201
Page10of1
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