Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Public Works and Environmental Services
Division: Housing Finance Authority
Information
Requested Action
title
MOTION TO ADOPT Resolution, the title of which is as follows:
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 MULTIFAMILY HOUSING MORTGAGE REVENUE BONDS, SERIES 2025A (FEDERAL APARTMENTS) IN A PRINCIPAL AMOUNT OF NOT TO EXCEED $50,000,000 AND ITS TAXABLE MULTIFAMILY HOUSING MORTGAGE REVENUE BONDS, SERIES 2025B (FEDERAL APARTMENTS) IN A PRINCIPAL AMOUNT OF NOT TO EXCEED $17,000,000 (COLLECTIVELY, THE "BONDS") FOR THE PURPOSE OF FINANCING THE REDEVELOPMENT OF A MULTIFAMILY HOUSING PROJECT KNOWN AS FEDERAL APARTMENTS LOCATED IN BROWARD COUNTY, FLORIDA; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE BY AND BETWEEN THE HFA AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FINANCING AGREEMENT AMONG THE HFA, THE BORROWER AND THE TRUSTEE; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LAND USE RESTRICTION AGREEMENT BY AND AMONG THE HFA, THE TRUSTEE AND FED VENTURE LP, AS BORROWER; APPROVING AND AUTHORIZING THE EXECUTION OF THE ASSIGNMENTS OF BOND MORTGAGE NOTES; APPROVING AND AUTHORIZING THE EXECUTION OF THE ASSIGNMENT OF SECURITY INSTRUMENT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A PLACEMENT AGENT AGREEMENT FOR THE BONDS BY AND BETWEEN THE HFA AND RBC CAPITAL MARKETS, LLC; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUSTEE FEE AGREEMENT BY AND BEWTEEN THE HFA AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN ADDITIONAL AGREEMENTS NECESSARY OR DESIRABLE IN CONNECTION WITH THE ISSUANCE OF THE BONDS; WAIVING THE FEE FOR SERVICES RELATED TO THE HFA’S ANNUAL AUDIT OF THE PROJECT; AUTHORIZING THE HFA TO CONSENT TO THE BORROWER PLACING SUBORDINATE FINANCING ON THE PROJECT AND APPROVING THE EXECUTION OF SUCH AGREEMENTS AS MAY BE NECESSARY IN CONNECTION WITH SUCH CONSENT; AUTHORIZING THE PROPER OFFICERS OF THE HFA TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF THE BONDS; APPROVING THE BONDS FOR PURPOSES OF SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986; AND PROVIDING AN EFFECTIVE DATE FOR THIS RESOLUTION. (Commission District 8)
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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 PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND THE HOUSING FINANCE AUTHORITY 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 June 6, 2025, the Housing Finance Authority (“HFA”) received a multifamily bond/note application from Fed Venture LP, a Florida limited partnership (“Borrower”), pertaining to a 164-unit, acquisition, and new construction development, known as Federal Apartments (“Project”). The multifamily application requested that the HFA issue tax-exempt Bonds for the Project in the amount of $50,000,000 and $17,000,000 of taxable Bonds (collectively, the “Bonds”).
On June 18, 2025, the HFA adopted Resolution No. 2024-0007 approving the issuance of the Bonds and authorizing HFA staff to publish notice (“TEFRA Notice”) and conduct a hearing (“TEFRA Hearing”) in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”).
The TEFRA Notice was published on September 24, 2025, and the TEFRA Hearing took place on October 2, 2025. The Mayor of the City of Fort Lauderdale was notified regarding the Project prior to the HFA holding the TEFRA Hearing.
On October 15, 2025, the HFA adopted Resolution No. 2025-014 (“Authorizing Resolution”) (Exhibit 2), formally authorizing the issuance of the Bonds and, approving the form, execution, and delivery, of documents necessary or desirable in connection with the issuance of the Bonds. Additionally, the Authorizing Resolution acknowledges and consents to the Borrower placing subordinate financing on the Project. The Authorizing Resolution was prepared by bond counsel and approved as to legal sufficiency by the Office of the County Attorney.
Adoption of the proposed Resolution (attached as Exhibit 1) grants the HFA the authority to: (i) issue the Bonds to finance the acquisition, construction, and equipping of the Project, (ii) ratify the publication of the TEFRA Notice published on September 24, 2025, and TEFRA Hearing held on October 2, 2025, along with its resulting minutes, and (iii) approve the form, execution, and delivery of various documents in connection with the issuance of the Bonds. A location map is attached as Exhibit 3.
Source of Additional Information
Ralph Stone, Director, Housing Finance Authority Executive Director, (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.