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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A. MOTION TO APPROVE gap financing for four affordable housing projects and associated amounts as follows: 1) HTG DFI, Ltd, or its affiliate (“The Gem of Hallandale”) at $6,750,000 (150 affordable units); 2) Richman Pompano Beach, LLC, or its affiliate (“Residences at Pompano Beach”) at $7,000,000 (234 affordable units out of 244 total units); 3) Village at Oakland Park Associates, Ltd., or its affiliate (“Village at Oakland Park”) at $7,000,000 (164 affordable units out of 174 total units), and 4) Fed Venture LP, or its affiliate (“Federal Apartments”) at $5,000,000 (164 affordable units); authorizing the County Administrator to execute all agreements and documents related to the listed 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.
B. MOTION TO APPROVE funding priority for gap financing for Village of the Arts, Ltd. or its affiliate (Village of the Arts) in the amount of $5,000,000 (143 affordable units out of 162 total units), by utilizing the first available funds allocated for Fiscal Year 2027 in the Affordable Housing Trust Fund for gap financing, if any, subject to Village of the Arts, Ltd. or its affiliate closing on construction financing by June 30, 2027; authorizing the County Administrator to execute all agreements and documents related to Village of the Arts, subject to the foregoing monetary limit 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 Districts 6 and 8)
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Why Action is Necessary
Board action is required to approve agreements with outside agencies and to create a new capital project above $25,000.
What Action Accomplishes
Motion A
Allows the County Administrator to execute agreements for gap financing for four affordable housing projects totaling $25,750,000 (712 affordable units).
Motion B
Approves funding priority for Village of the Arts by using the next available funds allocated for gap financing in the Affordable Housing Trust Fund, if any, and allows the County Administrator to execute agreements for the affordable housing project at $5,000,000 (143 affordable units).
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Previous Action Taken
Motion A:
April 14, 2026 - Agenda Item No. 46 - The Board of County Commissioners directed the County Administrator to conduct a request for applications in the amount of $1,000,000 allocated from the Fiscal Year 2026 Request for Applications in the amount of $22,000,000, for the development of multifamily affordable housing projects with fewer than 70 units.
Motion B:
June 18, 2024 - Agenda Item No. 35 - The Board of County Commissioners approved gap financing for Village of the Arts, Ltd. or its affiliates at $5,000,000 (143 affordable units out of 162 total units).
Summary Explanation/Background
THE PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND THE HOUSING FINANCE AUTHORITY RECOMMEND APPROVAL OF THE ABOVE MOTIONS.
This item supports the Board of County Commissioners (“Board”) Goal 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."
MOTION A:
On February 2, 2026, Broward County issued a Request for Applications (“RFA”) in the amount of $22,000,000, soliciting affordable housing organizations to utilize gap financing for the new construction or acquisition and/or rehabilitation of multi-family affordable housing rental units, to be occupied by income-eligible individuals and/or families within Broward County. A maximum of $7,000,000 was allowed per project.
The Applications were due by 12:00 p.m. (EDT) on March 20, 2026. Twelve Applications were submitted in a timely manner. Prior to the Evaluation Committee scoring the Applications (see “Exhibit 1” for the Evaluation Committee’s Scoring/Ranking and Summary Sheet), staff managing the RFA process reviewed all submitted Applications for minimum requirements and fatal flaw criteria and determined that eleven of the twelve Applications were responsive and accepted for the RFA.
The Evaluation Committee ranked the eleven Applications as follows: 1) The Gem of Hallandale; 2) Residences at Pompano Beach; 3) Village at Oakland Park; 4) Federal Apartments; 5) Solara on 19th; 6) Tam English Apartments; 7) 8th Avenue Commons; 8) Paramount View; 8) Solara at Fillmore; 10) 312 NW 7th Street; and 11) 8AC (the 2 projects listed in 8th place were tied in the rankings). A total of $22,000,000 in funding was allocated from the Broward County Affordable Housing Trust Fund (“AHTF”) to the RFA.
On April 14, 2026, the Board approved Agenda Item No. 46, directing the County Administrator to conduct a request for applications in the amount of $1,000,000 allocated from the RFA (leaving $21,000,000 unallocated under the RFA), to solicit applications for the development of multifamily affordable housing projects with fewer than 70 units.
The combined funding request for the top three ranked Applications totaled $20,750,000, leaving $250,000 remaining, which was insufficient to accommodate the $5,000,000 funding request for the fourth ranked Application for Federal Apartments. The remaining funds will be reallocated to support future affordable housing projects.
MOTION B:
On June 18, 2024 (Agenda Item No. 35), the Board approved gap financing for Village of the Arts, Ltd. or its affiliates (Village of the Arts) at $5,000,000 (143 affordable units out of 162 total units). The closing on construction financing was to occur within a year thereafter. Due to delays in preparing the site for construction, an extension was granted until June 30, 2026, to close on construction financing. Florida Power & Light Company continues to work on the request for relocation of the FPL transmission and distribution facilities situated within the proposed building footprint. Village of the Arts, Ltd. is requesting a second extension until June 30, 2027, to close on construction financing (see Exhibit 3 for each letter from Village of the Arts, Ltd. and FPL regarding an additional 1-year extension). Staff recommends reallocating the $5,000,000 award of gap financing from Village of the Arts to instead fund Federal Apartments, which is scheduled to close in the summer of 2026, and approving a contingent second extension to Village of the Arts that would give funding priority for gap financing for Village of the Arts in the amount of $5,000,000, by utilizing the first available funds allocated for Fiscal Year 2027 in the AHTF for gap financing for multi-family affordable housing rental projects, if any.
MOTIONS A & B:
The locations of all five projects (totaling 855 affordable units) recommended for the award of gap financing are depicted in Exhibit 2.
After Board approval, a loan agreement and other related loan documents will be drafted for each affordable housing project to be executed by the County simultaneously with the closing of the financing for each project. The terms of the loan agreements will include a minimum term of 50 years for the affordable housing land use restriction and a 0% interest rate loan with a minimum term of 30 years, with the loan to become payable on the maturity date, or upon sale, change of title, or refinancing, whichever occurs first, subject to the provisions of the loan agreement. It should be noted that the developers of all five projects recommended for gap financing have committed to keeping their projects affordable for a minimum of 99 years.
The Applicants all agreed that contractor and vendor awards to County Business Enterprises (“CBE”) are critical to the achievement of the County’s CBE participation objectives. Although the RFA does not have assigned CBE goals, the Applicants agreed that, wherever possible, every effort will be made to utilize the services of Broward County certified CBE firms and they shall include this provision in any subcontract they enter into pursuant to the RFA.
Staff recommends fully funding the top four ranked projects for a total of 712 affordable units from the AHTF for a total allocation of $25,750,000; and funding Village of the Arts for 143 affordable units from the next available funds allocated in the AHTF for gap financing for multifamily affordable housing rental projects, if any, for an allocation of $5,000,000, subject to closing on construction financing by June 30, 2027.
Source of Additional Information
Ralph Stone, Executive Director, Housing Finance Authority (954) 357-5320
Fiscal Impact
Fiscal Impact/Cost Summary
MOTION A:
The agenda item proposes to utilize $25,750,000 from the AHTF for the new construction or acquisition and/or rehabilitation of multi-family affordable housing rental units of which $25,421,451 will come from the AHTF Professional Services account, and $328,549 will come from the AHTF Reserve account.
MOTION B:
The agenda item proposes to utilize $5,000,000 from the AHTF in the next gap financing cycle in Fiscal Year 2027, if any, for new construction or acquisition and/or rehabilitation of multi-family affordable housing rental units.