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 use of Housing Finance Authority ("HFA") funds as (1) Local Government Contribution ("LGC") commitments countywide, and (2) one Local Government Area of Opportunity ("LGAO") commitment for a development located within the Broward Municipal Services District ("BMSD"), with commitments to be sized to meet the minimum Florida Housing Finance Corporation ("FHFC") requirement per application for the 2024-2025 FHFC Programs, subject to such commitments being replaced with federal Community Development Block Grant ("CDBG") or HOME Improvement Investment Program ("HOME") funds, other County housing resources, or bond allocation, and to publish notices regarding the availability of such funding. (Commission District 8)
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Why Action is Necessary
Board approval is required for use of HFA funding.
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) and one LGAO commitment (minimum of $640,000 for the project) for the 2024/2025 FHFC RFA's, subject to replacing the HFA funding with CDBG or HOME federal funds, or other County affordable housing resources if one or more projects are selected by the FHFC.
Goal Related Icon(s)
?County Commission
?Go Green
?MAP Broward
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 Value of "Ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all income levels, including integrated, permanent supportive housing and zoning that helps residents build equity."
On March 26, ...
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