Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance
Information
Requested Action
title
MOTION TO APPROVE consent to certain ownership transfers for family planning purposes relating to the ownership of the borrowers for two HOME (HOME Investment Partnerships Program) grant-funded loans, Avery Glen, LLC and The Lofts in Tarpon River, LLC, and authorize the County Administrator to execute a written consent to such transfers, subject to approval as to form and legal sufficiency by the Office of the County Attorney. (Commission Districts 1 and 7)
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Why Action is Necessary
Board action is required to provide the consent to the transfer of any beneficial interests in the Property, or any transfer of any beneficial ownership in the Mortgagor.
What Action Accomplishes
The action allows for the transfer of non-voting, non-majority interest in PHG GP Holdings, LLC, which in turn owns 100% of the membership interests of the Authorized Member of two County HOME loan borrowers, Avery Glen, LLC, and The Lofts in Tarpon River, LLC.
Is this Action Goal Related
No
Previous Action Taken
No Previous Action.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT (RED) AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
The Housing Finance Division (HFD) administers County loans which provide financing to affordable housing developments within the County. The mortgages for such loans routinely contain provisions that require County consent to the transfer of any beneficial interest in the Property, or any transfer of the beneficial ownership in the mortgagor.
On September 10, 2021, Ralph Stone, Director, HFD, received correspondence, attached as Exhibit 1 ("Correspondence"), requesting County consent, allowing for the transfer of certain ownership interests in the developments known as Avery Glen, located at 3871 Pine Island Road,...
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