Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Environmental Protection Division: Housing Finance & Comm. Redevelopment
Information
Requested Action
title
MOTION TO APPROVE use of Housing Finance Authority funds as Local Government Contribution ("LGC") for Broward County affordable housing projects submitted to the Florida Housing Finance Corporation ("FHFC"), via the solicitation outlined within the 2020/2021 FHFC Requests For Application ("RFA"s), and authorize future Community Development Block Grant (CDBG) or HOME Investment Partnerships Program (HOME) federal funds or other available Broward County affordable housing resources to replace the Housing Finance Authority of Broward County ("HFA") reserve funds, up to $2,000,000, if one or more local projects are selected by the FHFC.
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Why Action is Necessary
Approval of the use of HFA funding is required by Board of County Commissioners.
What Action Accomplishes
Allows the HFA to provide up to $2,000,000 from its reserve account to provide an LGC (estimated value of $100,000 per project) for the 2020/2021 FHFC RFAs, subject to replacing the HFA funding with CDBG, HOME or other available County affordable housing resources if one or more projects are selected by the FHFC.
Is this Action Goal Related
Yes
Previous Action Taken
No previous action.
Summary Explanation/Background
THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT 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 supportive housing and rapid-rehousing: Goal 1: Facilitate a regional approach to growth and redevelopment through coordination and collaboration at the federal, state, county, and local levels; Goal 2: Strengthen stakeholder partnerships to increase the availabili...
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