Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
MOTION TO APPROVE reallocation of $3,000,000 in gap financing previously awarded to HTG Madison Park, LTD or its affiliate (Madison Park Senior Housing - 103 units), to HTG University Station I, LLC or its affiliate (University Station, LLC - 216 units); authorizing County Administrator to execute all agreements, subject to approval as to legal sufficiency by the Office of the County Attorney, related to the listed gap financing project; and authorizing the County Administrator to take the necessary administrative and budgetary actions. (Commission District 6)
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Why Action is Necessary
Board action is required to allocate funding for gap financing and approve agreements related to gap financing.
What Action Accomplishes
Reallocates gap financing funds and authorizes the County Administrator to execute agreements for $3,000,000 in gap financing for an affordable housing project of 216 units.
Is this Action Goal Related
Yes
Previous Action Taken
At its meeting on February 22, 2022 (Item No. 23), the Board approved $3,000,000 in gap financing for HTG Madison Park, LTD or its affiliate (Madison Park Senior Housing).
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 to; "increase the availability of affordable housing of all types, countywide, in every community using effective, uniform criteria, policies and strategies".
HTG University Station I, LLC (Applicant) is requesting the reallocation of $3,000,000 in funding from a project previously awarded by the Board on F...
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