Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
MOTION TO ADOPT Resolution, the title of which is as follows: (Commission District 9)
A Resolution of the Board of County Commissioners of Broward County, Florida authorizing the issuance by the Housing Finance Authority of Broward County, Florida (the “HFA”) of its not to exceed $22,000,000 Multifamily Housing Revenue Note, Series 2024 (Woodsdale Oaks) (the “Note”) for the purpose of financing the acquisition, rehabilitation and equipping of Woodsdale Oaks located in Broward County, Florida (the “Project”); establishing parameters for the award of the sale thereof and establishing criteria for determining the terms thereof, including interest rates, interest payment dates, maturity schedule and other terms of such Note; approving the forms of and authorizing the execution and delivery of (i) a Funding Loan Agreement by and among the HFA, Berkadia Commercial Mortgage LLC, as Funding Lender (the “Funding Lender”), and the Bank of New York Mellon Trust Company, N.A., as Fiscal Agent (the “Fiscal Agent”); (ii) Project Loan Agreement by and among the HFA, the Fiscal Agent and Woodsdale Oaks, LLC (the “Borrower”); (iii) a Land Use Restriction Agreement by and among the HFA, the Fiscal Agent and the Borrower; (iv) an Assignment of Security Instrument by the HFA to the Fiscal Agent; (v) an Assignment of the Project Note by the HFA to the Fiscal Agent; (vi) a Placement Agent Agreement by and between the HFA and Raymond James & Associates, Inc. and RBC Capital Markets, LLC, as Placement Agents; and (vii) a Fiscal Agent Fee agreement by and between the HFA and the Fiscal Agent; approving and authorizing the execution and delivery by the HFA of certain additional agreements necessary or desirable in connection with the issuance of the Note; approving and ratifying the HFA’s publication of a notice of public hearing and the subsequent holding of such public hearing each under Section 147(f) of the Internal Revenue Code of 1986, as amended, in connection with the issuance of the Note by the HFA; authorizing the proper officers of the HFA to do all things necessary or advisable in connection with the issuance of the Note; and providing an effective date for this Resolution.
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Why Action is Necessary
Formal Board action is necessary for the adoption of a Resolution.
What Action Accomplishes
Enables the adoption of a Resolution.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENTAL DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Goal of the Broward County Board of County Commissioner’s (“Board”) 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 February 26, 2024, Housing Finance Authority of Broward County, Florida (the “HFA”) received an application from Spira Woodsdale Oaks Development, LP, requesting the HFA issue a multifamily housing revenue note in the amount of $20,000,000, to provide funds to make a loan to the Borrower (defined below) to finance the acquisition, rehabilitation, and equipping of a 172 unit multifamily housing project located at 2543-2595 NW 49th Ave, Lauderdale Lakes, Florida, and known as Woodsdale Oaks (the “Project”). On August 12, 2024, the HFA received a revised application requesting an increase in the note amount to $22,000,000. The Project will be owned by Woodsdale Oaks, LLC, a Florida limited liability company (the “Borrower”).
On August 21, 2024, the HFA adopted Resolution No. 2024-014 (the “Inducement Resolution”), declaring its official intent to issue its Multifamily Housing Revenue Note, Series 2024 (Woodsdale Oaks) in a principal amount of not to exceed $22,000,000 (the “Note”) and authorizing the HFA to publish notice (the “TEFRA Notice”) of and hold a public hearing (the “TEFRA Hearing”) pursuant to the Tax Equity and Fiscal Responsibility Act (TEFRA) and as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, prior to the issuance of the Note. The TEFRA Notice was published on September 6, 2024, and the TEFRA hearing was held on September 17, 2024.
On September 18, 2024, the HFA adopted Resolution No. 2024-015 (Exhibit 2), authorizing the issuance of the Note, approving the form, and authorizing the execution and delivery, of certain documents necessary or desirable in connection with the issuance of the Note. HFA Resolution No. 2024-015 was prepared by Note Counsel and approved as to legal sufficiency by the Office of the County Attorney.
Adoption of this Resolution (Exhibit 1) authorizes the HFA to (i) issue the Note to finance the acquisition, rehabilitation, and equipping of the Project, (ii) ratifies (a) the publishing of the TEFRA Notice by the HFA on September 6, 2024, and (b) the holding of, and minutes resulting from, the TEFRA Hearing held on September 17, 2024, and (iii) approves the form of and the execution and delivery of various documents in connection with the delivery of the Note. A location map is attached as Exhibit 3.
Source of Additional Information
Ralph Stone, Housing Finance Division, (954) 357-5320
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.