Woodberry Woods Apartments in Brandon, Florida, will remain an affordable housing community through the end of 2036 after a new land use restriction agreement replaced an expiring affordability covenant. The extension preserves income-based eligibility requirements for all 348 apartments without any interruption in affordability protections.
Key Takeaways
- A new agreement extends affordability restrictions at Woodberry Woods through Dec. 31, 2036.
- All 348 apartments must remain available to qualifying low-income households.
- The agreement replaces an affordability covenant that was scheduled to expire in 2026.
- Household eligibility remains tied to income limits of up to 80% of the area median income.
- The recorded agreement continues restrictions on future ownership transfers and condominium conversion.
The Woodberry Woods affordable housing agreement has been extended through Dec. 31, 2036, preserving income-based rental requirements for all 348 apartments at the Brandon, Florida, community. The new land use restriction agreement replaces an affordability covenant that was scheduled to expire at the end of 2026, ensuring the property continues operating as affordable housing without any lapse in its restrictions.
The agreement applies to Woodberry Woods Apartments, located at 808 Pineberry Drive in Brandon. Property owner Woodberry Woods Apartments LLC requested the extension, and the Florida Housing Finance Corporation approved the replacement agreement to maintain the property’s affordability requirements for another 10 years.
The updated restrictions require every apartment within the community to remain leased, rented or continuously available to households that meet the program’s income qualifications. Under the agreement, eligible households must earn no more than 80% of the area median income, with income limits adjusted according to household size.
Woodberry Woods Affordable Housing Agreement Extends Through 2036
The new land use restriction agreement takes effect immediately after the previous Extended Low-Income Housing Agreement expires, preventing any interruption in affordability protections.
The recorded agreement establishes that the affordability requirements will remain in place through the end of 2036. During that period, every unit within the 348-apartment community must continue to comply with the income-based occupancy standards outlined in the agreement.
The extension preserves the property’s longstanding participation in affordable housing programs tied to federal Low-Income Housing Tax Credits. Those tax credits supported the original development of the apartment community and established long-term affordability obligations recorded against the property.
The property’s affordability commitments date back to the late 1990s, when the original ownership entered into an Extended Low-Income Housing Agreement. An amended version of that agreement was later recorded before the newly approved land use restriction agreement replaced the expiring covenant.
New Land Use Restrictions Preserve Income-Based Eligibility
Income Eligibility Standards for Residents
The updated agreement maintains existing eligibility requirements for residents rather than creating a new affordability program.
Households seeking to qualify for apartments covered by the agreement must satisfy income limits based on area median income. The agreement specifies that qualifying households cannot exceed 80% of the applicable area median income after adjustments for household size.
The affordability restrictions also continue to regulate rental pricing. Rather than fixing rents at current dollar amounts, the agreement generally limits monthly gross rent for rent-restricted apartments to no more than 30% of the applicable income limit for each qualifying unit, subject to the agreement’s specific provisions.
Because income limits may change over time, resident eligibility and allowable rents continue to follow the applicable affordability standards rather than remaining fixed throughout the agreement period. Similar long-term affordability initiatives have been examined in coverage of permanently affordable housing models that preserve below-market homes through recorded restrictions.Â
The continuation of these requirements ensures that the property remains dedicated to serving qualifying households under the established affordable housing framework.
Property Requirements Continue Under Recorded Legal Agreement
County property records identify Woodberry Woods as a multifamily apartment community built in 1996.
The development consists of 16 three-story residential buildings and a clubhouse situated on approximately 18.38 acres in Brandon, west of Interstate 75.
The recorded land use restriction agreement applies to the entire property, requiring every apartment within the community to remain subject to the affordability obligations.
The agreement runs with the land, meaning its provisions remain attached to the property regardless of future ownership changes. Any subsequent owner acquiring the property during the restriction period would remain responsible for complying with the affordability requirements established in the recorded documents.
The extension itself does not identify new financing, rehabilitation work or another financial transaction connected with the continued affordability restrictions. Instead, the recorded documents focus on replacing the expiring agreement while maintaining uninterrupted compliance. Comparable activity in Florida’s multifamily sector has also been reflected in recent apartment financing transactions involving rental communities in the Tampa Bay region.Â
Ownership and Property Use Restrictions Remain in Effect
Property Transfer and Conversion Requirements
The updated agreement includes provisions governing future ownership changes and permitted property uses.
The apartment community cannot be converted into condominium or cooperative ownership while the affordability agreement remains in force. This restriction helps preserve the property’s status as rental housing throughout the agreement period.
The agreement also establishes reporting requirements for significant ownership changes.
If a sale or transaction results in a transfer involving 33.3% or more of the controlling ownership interests, the owner must notify the Florida Housing Finance Corporation. The agency may require documentation confirming that any successor owner accepts and assumes all obligations established under the recorded agreement.
These provisions are intended to ensure that affordability requirements remain enforceable even if ownership changes before the agreement expires in 2036. The importance of maintaining affordable rental inventory aligns with broader reporting on expanding starter-home inventory and housing availability across U.S. markets.Â
Property records show that Woodberry Woods Apartments LLC acquired the community in November 2014. The property is managed by Read Property Group LLC.
Affordable Housing Commitment Continues Without Interruption
The replacement agreement ensures there is no gap between the expiration of the previous affordability covenant and the beginning of the new restriction period.
By approving the new land use restriction agreement before the earlier covenant expires, the affordability requirements continue without interruption for residents and future applicants who qualify under the program’s income standards.
The extension also preserves the legal framework governing occupancy requirements, rent limitations, ownership obligations and property use restrictions for the next decade.
For households seeking affordable rental housing in Brandon, the agreement confirms that all 348 apartments will continue operating under income-based eligibility standards through Dec. 31, 2036.
The recorded documents do not indicate changes to the property’s physical operations or announce redevelopment plans. Instead, they preserve the existing affordable housing obligations established through the property’s participation in the Low-Income Housing Tax Credit program.
Frequently Asked Questions
What is the new agreement for Woodberry Woods Apartments?
The new land use restriction agreement replaces an expiring affordability covenant and extends affordable housing requirements for all 348 apartments through Dec. 31, 2036.
How long will the affordability restrictions remain in effect?
The recorded agreement keeps the affordability restrictions in place through Dec. 31, 2036.
Who qualifies to live in the affordable apartments at Woodberry Woods?
The agreement requires residents to meet income eligibility standards of no more than 80% of the applicable area median income, adjusted for household size.
Can Woodberry Woods be converted into condominiums under the agreement?
No. The agreement prohibits the property from being converted into condominium or cooperative ownership while the affordability restrictions remain in effect.
What happens if ownership of the property changes?
The affordability restrictions remain attached to the property, and significant ownership changes must be reported to the Florida Housing Finance Corporation. Successor owners may be required to assume the obligations established under the agreement.
