Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
MOTION TO APPROVE Line of Credit Agreement between Broward County (the "County") and the Southeast Florida Community Development Fund, Inc., a not-for-profit corporation organized under the laws of the State of Florida (the "Borrower") pursuant to which County is extending a revolving loan in an amount not to exceed $1,000,000; for the purpose of financing the construction and/or equipping of single-family residential units in Broward County, Florida (the "Loan"); authorizing County Administrator to execute the Line of Credit Agreement in substantially the form attached as Exhibit 1, and related loan documents, each subject to approval as to form and legal sufficiency by the Office of the County Attorney; authorizing the County Administrator to take all necessary administrative and budgetary actions.
body
Why Action is Necessary
Board action is required to approve all contracts with outside agencies.
What Action Accomplishes
Allows the County to make a revolving loan in an aggregate principal amount not to exceed $1,000,000 for the purpose of financing the construction and/or equipping of single-family residential units, and to enter into a Line of Credit Agreement between Broward County and Southeast Florida Community Development Fund, Inc.
Is this Action Goal Related
Yes
Previous Action Taken
No Previous Action.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board's Value of "Offering sustainable, compatible, innovative housing options for all income-levels, including integrated permanent supportive housing" and the corresponding goal of; "Increase the availability of affordable housing of all types, countywide, in every communi...
Click here for full text