{"id":365318,"date":"2026-08-07T14:06:52","date_gmt":"2026-08-07T14:06:52","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/365318\/"},"modified":"2026-08-07T14:06:52","modified_gmt":"2026-08-07T14:06:52","slug":"brandon-apartments-extend-affordability-restrictions-10-years","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/365318\/","title":{"rendered":"Brandon Apartments Extend Affordability Restrictions 10 Years"},"content":{"rendered":"<p class=\"wp-block-paragraph\">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.<\/p>\n<p class=\"wp-block-paragraph\">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\u2019s affordability restrictions.<\/p>\n<p class=\"wp-block-paragraph\">Under the new agreement, 100% of the complex\u2019s 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.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"563\" src=\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/08\/Untitled-July-06-2026-at-13.37.25-36-14-1000x563.jpeg\" alt=\"Woodberry Woods Apartments in Brandon, a 348-unit affordable housing complex\" class=\"wp-image-92511\"  \/>Woodberry Woods Apartments in Brandon will keep all 348 units under affordability restrictions through 2036.<\/p>\n<p class=\"wp-block-paragraph\">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.<\/p>\n<p class=\"wp-block-paragraph\">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.<\/p>\n<p class=\"wp-block-paragraph\">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\u2019s behalf.<\/p>\n<p class=\"wp-block-paragraph\">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.<\/p>\n<p class=\"wp-block-paragraph\">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\u2019s provisions. Household eligibility remains tied to applicable area median income limits.<\/p>\n<p class=\"wp-block-paragraph\">The recorded documents do not identify financing, rehabilitation work or another financial transaction associated with the extension.<\/p>\n<p>\n\tRelated<\/p>\n","protected":false},"excerpt":{"rendered":"All 348 apartments at Woodberry Woods in Brandon will remain reserved for low-income households through 2036 under a&hellip;\n","protected":false},"author":2,"featured_media":365319,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[135,137,136],"class_list":["post-365318","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tampa","tag-tampa","tag-tampa-headlines","tag-tampa-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/365318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=365318"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/365318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/365319"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=365318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=365318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=365318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}