Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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MOTION TO APPROVE Agreement between Broward County and Pinnacle 441, LLC ("Pinnacle"), providing State Housing Initiatives Partnership ("SHIP") Program funding for the multifamily rental new construction strategy in the amount of $100,000 to assist with the construction of a mixed-use 113-unit affordable housing development to be located at 890 N State Road 7, Hollywood, Florida ("Agreement"), and to authorize the County Administrator to execute the Agreement and to take all necessary administrative and budgetary actions for the implementation of the Agreement. (Commission District 6)
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Why Action is Necessary
Board action is required to approve funding agreements.
What Action Accomplishes
Approves agreement to provide SHIP Program funding to Pinnacle for the multifamily rental new construction strategy.
Is this Action Goal Related
Yes
Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board's vision of, "offering sustainable, compatible, innovative housing options for all income levels, including integrated, permanent supportive housing and rapid rehousing," and its corresponding goal to "strengthen stakeholder partnerships to increase the availability of affordable housing of all types (e.g., rental, purchase, supporting, etc.) countywide, in every community."
On September 21, 2021 (Agenda Item No. 29), the Broward County Board of County Commissioners ("Board") adopted Resolution No. 2021-454, approving the allocation of $400,000 in SHIP Program funding to the multifamily rental new construction strategy to provide the Local Government Contribution which is required for applicants to compete in the Flo...
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