Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Public Works and Environmental Services
Division: Housing Finance Authority
Information
Requested Action
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MOTION TO APPROVE modification of the $2,000,000 gap financing for Parcview Miramar, LLC, or its affiliate, for the construction of a 62-unit affordable housing homeownership project to be known as ParcView at Miramar, from a single $2,000,000 gap loan into two gap loans in the following amounts: 1) $840,000 gap loan for the first phase (26 affordable homeownership units), and 2) $1,160,000 gap loan for the second phase (36 affordable homeownership units); authorizing the County Administrator to execute all agreements and related documents related to the gap financing projects, subject to the foregoing monetary limits and approval as to legal sufficiency by the Office of the County Attorney; and authorizing the County Administrator to take the necessary administrative and budgetary actions. (Commission District 7)
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Why Action is Necessary
Approval by the Board of County Commissioners (“Board”) is required to revise the financing structure previously approved by the Board.
What Action Accomplishes
Allows the County Administrator to execute agreements for gap financing for each phase of the affordable housing homeownership project in the following amounts: 1) $840,000 for the first phase (26 affordable homeownership units), and 2) $1,160,000 for the second phase (36 affordable homeownership units).
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Previous Action Taken
On May 20, 2025, the Board of County Commissioners (“Board”) approved gap financing in the amount of $2,000,000 for the affordable housing homeownership project (Agenda Item No. 33).
Summary Explanation/Background
THE PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND THE HOUSING FINANCE AUTHORITY 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.”
ParcView at Miramar will be located on the north side of Southwest 34th Street between Southwest 68th and 69th Avenue in the City of Miramar (“Project”) (Exhibit 2). On May 20, 2025, the Board approved $2,000,000 in gap financing in connection with the January 31, 2025, Request for Applications (“RFA”) issued by the Housing Finance Division.
Parcview Miramar, LLC (the “Applicant”) has secured Low Income Investment Fund (“LIIF”) as the senior lender, which issued a loan commitment of up to $9,000,000 for the first phase of the Project (26 affordable housing homeownership units). LIIF has agreed to fund construction by two separate loans, one for each of the two phases of the Project. The Applicant submitted a letter dated November 20, 2025 (Exhibit 1), requesting that the $2,000,000 gap loan be divided into two gap loans, and describing the other financing, as follows:
Phase One (26 affordable housing homeownership units):
• $9,000,000 (Senior) LIIF loan
• $840,000 County gap loan
• $400,000 Line of Credit from United Way of Broward County
• $4,500,000 City of Miramar Infrastructure grant
• $147,000 City of Miramar predevelopment grant
• $933,200 Developer equity
Phase Two (36 affordable housing homeownership units):
• $9,000,000 (Senior) LIIF loan
• $1,160,000 County gap loan
• $18,750 City of Miramar Infrastructure grant
• $5,400,000 Developer equity
• $400,000 Line of Credit from United Way of Broward County (if needed)
The City of Miramar has committed $8,000,000 from its Affordable Housing Trust Fund and an additional amount of $3,000,000 of American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds (SLFRF). These local and federal funds will provide up to $200,000 in downpayment assistance.
Except as modified by this agenda item, the Applicant will fully comply with the terms of the RFA and the agenda item previously approved by the Board on May 20, 2025.
Staff recommend modifying the $2,000,000 gap financing for the Project, from the single $2,000,000 gap loan previously approved by the Board, into two gap loans as follows: 1) $840,000 gap loan for the first phase (26 affordable homeownership units), and 2) $1,160,000 gap loan for the second phase (36 affordable homeownership units).
Source of Additional Information
Ralph Stone, Executive Director, Housing Finance Authority (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.