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: (Commission District 8)
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONER 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 2026 (SANCTUARY COVE) IN A PRINCIPAL AMOUNT OF NOT TO EXCEED $40,000,000 (THE "BONDS") FOR THE PURPOSE OF FINANCING THE ACQUISITION, REHABILITATION AND EQUIPPING OF A MULTIFAMILY HOUSING PROJECT KNOWN AS SANCTUARY COVE 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 LOAN AGREEMENT BETWEEN THE HFA AND THE BORROWER; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LAND USE RESTRICTION AGREEMENT BY AND AMONG THE HFA, THE TRUSTEE AND THE BORROWER; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT FOR THE BONDS BY AND BETWEEN THE HFA AND RAYMOND JAMES & ASSOCIATES, INC. AND RBC CAPITAL MARKETS, LLC; AUTHORIZING AND APPROVING A PRELIMINARY OFFICIAL STATEMENT AND OFFICIAL STATEMENT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUSTEE FEE AGREEMENT BY AND BETWEEN 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; AUTHORIZING THE PROPER OFFICERS OF THE HFA TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF THE BONDS; APPROVING THE NOTES FOR PURPOSES OF SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986; AND PROVIDING AN EFFECTIVE DATE.
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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 Broward County 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.”
On September 30, 2025, the Housing Finance Authority of Broward County, Florida (“HFA”) received a multifamily bond application from Sanctuary Cove (FL) Owner LP, a Florida limited partnership (“Borrower”), pertaining to a 292-unit, acquisition and rehabilitation project, known as Sanctuary Cove (“Project”). The application requested that the HFA issue multifamily housing revenue bonds or notes to finance the Project in the amount of $40,000,000. The Project is located at 5301 W McNab Road, North Lauderdale, Florida in the area depicted in Exhibit 3.
At its November 19, 2025, meeting the HFA adopted Resolution No. 2025-016 declaring its official intent to issue bonds and/or notes in an amount not to exceed $40,000,000 and authorizing HFA staff to publish a notice of public hearing (“TEFRA Notice”) and conduct the public hearing (“TEFRA Hearing”) in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”).
The TEFRA Notice was published on March 27, 2026, and the TEFRA Hearing was held on April 8, 2026. The Mayor of the City of North Lauderdale received prior notice regarding the TEFRA Hearing.
On September 16, 2026, the HFA adopted Resolution No. 2026-011 (“Authorizing Resolution”), attached as Exhibit 2, formally authorizing the issuance of its Multifamily Housing Revenue Bonds, Series 2026, in an aggregate amount not to exceed $40,000,000 (the “Bonds”). The Authorizing Resolution also approves the form, execution, and delivery of documents necessary or desirable in connection with the issuance of the Bonds.
The Board’s adoption of the proposed Resolution attached as Exhibit 1 will: (i) authorize the HFA to issue the Bonds for the Project, (ii) approve and ratify the HFA’s publication of the TEFRA Notice on March 27, 2026, and the TEFRA Hearing held on April 8, 2026, including the resulting minutes, and (iii) approve the form, execution, and delivery of various documents in connection with the issuance of the Bonds.
Source of Additional Information
Ralph Stone, Director, Housing Finance Authority Executive Director, (954) 357-5320
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.