Agenda 12/09/2025 Item #16K13 (Issue revenue bonds for the acquisition, construction, equipping and development of a 230-unit multifamily residential housing facility known as Wave at Rose, located in Immokalee)12/9/2025
Item # 16.K.18
ID# 2025-4380
Executive Summary
Request by the Housing Finance Authority of Collier County for approval of a Resolution authorizing the Authority to
issue revenue bonds for the acquisition, construction, equipping and development of a 230-unit multifamily residential
housing facility known as Wave at Rose, located in Immokalee, authorizing the Authority to enter into a land use
restriction agreement pursuant to Section 196.1978(4) Florida Statutes, and repealing Resolution 2025-85.
OBJECTIVE: To accomplish the necessary approvals to authorize a proposed revenue bond issue by the Housing
Finance Authority of Collier County (the "Authority") to be used by OHG FL, Collier I LP (the "Applicant") for the
purpose of providing funds to finance the costs of acquisition, construction, equipping and developing of Wave at Rose
Apartments, an affordable housing facility located in Immokalee.
CONSIDERATIONS: The Authority has received and preliminarily approved a request by the Applicant to issue its
multifamily housing revenue bonds in an amount not to exceed $41,500,000 to finance the costs of acquisition,
construction, equipping and developing of Wave at Rose Apartments, an affordable housing facility located Immokalee
(the "Project").
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The Developer
The development entity will be Onda Housing Group, LLC, an experienced affordable housing developer. Onda is
currently completing Bayshore Pines, a 180-unit 100% affordable apartment complex in North Fort Myers and is
planning a 237-unit affordable senior facility in the Naples area.
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Item # 16.K.18
ID# 2025-4380
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Public Hearing Requirement
The Internal Revenue Code requires that the issuing authority hold an advertised public hearing on the nature and
location of the project and the issuance of the bonds. This hearing was advertised in the Naples Daily News on February
26, 2025, and a copy of the notice, in the form and time frame required by the Code, and proof of publication is attached
as Exhibit A to the Authority Resolution, as described below. The hearing was held by the Authority on March 6, 2025.
At the hearing, the Authority considered the applications and other documents presented by the Applicant, heard
presentations by its agents and representatives, and opened the hearing to comments, either oral or written, by members
of the public. No members of the public attended the hearing, in person or remotely, and there were no comments in
opposition to the project or the bonds received prior to the hearing.
At the conclusion of the hearing, the Authority adopted Resolution 2025-03, preliminarily approving the bonds, and
directing appropriate officers of the Authority to seek approval of the issuance of the Bonds by the Board of County
Commissioners, as is required by the Code. Copies of the resolution adopted by the Authority (the "Authority
Resolution") are attached as Exhibit A to the County Resolution, as described below.
As stated above, the Code requires that bonds of this type be approved by the local elected representative, which, in the
case of Collier County, is the Board, even if the project is located in a municipality. This approval is signified by the
adoption of a resolution (the "County Resolution") approving the issuance of the bonds by the Authority.
As are all revenue bonds of this type, these bonds are based on revenues of the project and are not obligations of the
County, the state, or any other political subdivision. There is no pledge of any taxes, nor a pledge of any revenues
except the revenues of the Project. Neither the County, the Board, nor any officer of the County is liable for their
payment. Further, the Resolution expressly provides that this approval by the Board does not abrogate any County
regulations, including land use regulations.
The Board’s role in approval of financing authority bond issues
Unlike County bonds, which are issued for publicly-owned projects, the County-created financing authorities (Housing
Finance, Industrial Development, Health Facilities, and Educational Facilities Authorities) issue private activity bonds,
which are bonds issued on behalf of a private user for a legislatively declared public purpose such as healthcare
facilities, private educational facilities, qualifying manufacturing facilities, low/moderate income housing facilities,
pollution control facilities, etc.
The Internal Revenue Code ("Code") requires two types of approval for the issuance of private activity bonds: Issuer
Approval and Host Approval. Issuer Approval is the approval of the issuer of the bonds and is initially evidenced by the
adoption of an Inducement Resolution (called the "Authority Resolution" and attached to the County Resolutions as
Exhibit A), and ultimately by the execution and delivery of the bonds themselves. The Board grants Host Approval
when it adopts a resolution approving the issuance of the bonds by the Issuer (called the "County Resolution" in this
Executive Summary). Host Approval is the approval of the governmental unit with geographic jurisdiction over the
location of the project.
The primary requirement of Host Approval is that the bonds have been considered at a public hearing at which members
of the public have had an opportunity to express their views on the project and the issuance of the bonds. The Code
contains very specific requirements for the public notice of the hearing, and a copy of the public notice, which has been
reviewed by Authority Bond Counsel and determined to be Code-compliant is attached to the Authority Resolution.
The Code does not require that the Board itself conduct the public hearing, only that Host Approval may not be given
until the public hearing has been conducted. In practice, both in Collier County and around the state, the public hearing
itself is conducted by the local authority and Host Approval is given after the Board receives the report and
recommendations of the Authority in the form of the Authority Resolution. The public hearing was held as described
above, and no members of the pubic expressed any views in opposition to the project or the bonds.
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Item # 16.K.18
ID# 2025-4380
Authorization for Authority to enter into
Land Use Restriction Agreement relating to affordability
The proposed County Resolution authorizes the Authority to issue the bonds, as have similar resolutions for many years,
and also contains an authorization for the Authority to enter into a land use restriction agreement (LURA) requiring the
Project to remain affordable for 99 years. This is new, and the reason is discussed below.
Property Tax Exemptions for Affordable Housing
For the past several years the Live Local Act has provided that a newly constructed project of 70 or more units was
eligible for a property tax exemption for 99 years, if, among other requirements, it was subject to a land use restriction
agreement (LURA) with Florida Housing Finance Corporation (Florida Housing) requiring the property to remain as
affordable housing for a period of 99 years. Since Florida Housing would not enter into such a LURA unless Florida
Housing was issuing the bonds, this left local housing finance authorities, which provide a substantial amount of the
financing for affordable housing throughout the state, at a disadvantage.
To address this, in the 2025 legislative session, Section 196.1978(4) was amended to allow for an exemption if there was
a LURA with either Florida Housing or a local housing finance authority. However, this amendment was passed after
Resolution 2025-85 was adopted and also, the HFA act does not contain provisions that authorize an Authority to enter
into a LURA dealing with property tax exemptions. After discussing this with bond counsel, it seems that the most
expeditious method of resolving this is to re-do Resolution 2025-85 to include an authorization for the Authority to
execute a LURA consistent with Section 196.1978(4). The Authority is also informed that this is consistent with how
other local housing finance authorities are handling this.
The attached County Resolution is identical to Resolution 2025-85 except that it adds an authorization for execution of a
LURA as described above, and repeals and replaces Resolution 2025-85.
Effect of Board Approval
Board Approval of an authority bond issue does not cause the bond to become a county bond or an obligation of the
County. By statute, bonds of this type are payable only from revenues related to the project, and no public monies of
any kind are pledged. This is reflected in the Authority Resolution, the County Resolution, and on the face of the bonds
themselves. Bonds of this type are treated as Component Unit Debt on the County's annual audit.
FISCAL IMPACT: This program does not require any contribution from the Board of County Commissioners or any
other County agency. As stated above, the bonds are not liabilities of the County, and the County is not liable for
payment in any way. The Authority is a self-funding agency, and no County monies are contributed to its operation.
GROWTH MANAGEMENT IMPACT: The adoption of the attached resolution will have no adverse growth
management consequences. The Project will be well served by existing public infrastructure and is in accordance with
all growth management regulations as applicable.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney. Review of these and similar
bonds by the Governing Body is a statutory requirement and serves as a safeguard against the issuance of inappropriate
bonds, which does not appear to be the case here. The County has no liability, contingent or otherwise, with respect to
these bonds. With that noted, this item is approved as to form and legality and requires majority vote for Board
approval. -JAK
RECOMMENDATION(S): The Board of County Commissioners adopt the attached Resolution.
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Item # 16.K.18
ID# 2025-4380
PREPARED BY: Donald A. Pickworth, Counsel
Collier County Housing Finance Authority
ATTACHMENTS:
1. Resolution - Revenue Bonds
2. Authority Resolution Wave at Rose
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