Brandon Apartments Extend Affordability Restrictions 10 Years

All 348 apartments at Woodberry Woods in Brandon will remain reserved for low-income households through 2036 under a new agreement extending affordability restrictions that were set to expire at the end of this year.

Owner Woodberry Woods Apartments LLC requested the 10-year extension for the complex at 808 Pineberry Drive, west of Interstate 75. Florida Housing Finance Corp. agreed to the request, replacing the expiring Extended Low-Income Housing Agreement with a new Land Use Restriction Agreement that takes effect without a lapse in the property’s affordability restrictions.

Under the new agreement, 100% of the complex’s 348 apartments must be leased, rented or continuously available to qualifying low-income households through Dec. 31, 2036. The agreement defines low-income residents as people or families earning no more than 80% of area median income, adjusted for family size.

The restrictions trace back to federal Low-Income Housing Tax Credits allocated for the development. Woodberry Woods Partners L.P., the original owner, entered into an Extended Low-Income Housing Agreement with Florida Housing in 1997. An amended agreement was recorded in 2014.

Hillsborough County property records show the complex was built in 1996 and contains 16 three-story apartment buildings and a clubhouse. The new land-use agreement covers approximately 18.38 acres.

Woodberry Woods Apartments LLC acquired the property for $21.8 million in November 2014, according to county property records. The Hillsborough County Property Appraiser currently assigns it a market value of about $21.19 million. Read Property Group LLC, a New York limited liability company, manages Woodberry Woods Apartments LLC, with Robert Wolf signing the agreement on the owner’s behalf.

The restrictions run with the land and bind subsequent owners. The property also cannot be converted to condominium or cooperative ownership while the agreement remains in effect. A sale or change involving 33.3% or more of the controlling ownership interests must be reported to Florida Housing, which can require documents showing that the successor assumes the obligations under the agreement.

The agreement does not freeze rents at their current dollar amounts. Monthly gross rent for a rent-restricted unit generally cannot exceed 30% of the income limit applicable to that unit, subject to the agreement’s provisions. Household eligibility remains tied to applicable area median income limits.

The recorded documents do not identify financing, rehabilitation work or another financial transaction associated with the extension.