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 1)
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”) IN THE AGGREGATE AMOUNT NOT TO EXCEED $46,000,000 OF ITS MULTIFAMILY HOUSING REVENUE NOTE, 2026 SERIES A-1 (FALLS AT BONAVENTURE) (THE “2026 SERIES A-1 NOTE”) AND ITS SUBORDINATE MULTIFAMILY HOUSING REVENUE NOTE, 2026 SERIES A-2 (FALLS AT BONAVENTURE) (THE “2026 SERIES A-2 NOTE” AND, TOGETHER WITH THE 2026 SERIES A-1 NOTE, THE “NOTES”) FOR THE PURPOSE OF FINANCING THE ACQUISITION, REHABILITATION AND EQUIPPING OF FALLS AT BONAVENTURE 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 NOTES; APPROVING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE FOLLOWING DOCUMENTS IN CONNECTION WITH (I) THE 2026 SERIES A-1 NOTE: (A) A FUNDING LOAN AGREEMENT BY AND AMONG THE HFA, BERKELEY POINT CAPITAL LLC, D/B/A NEWMARK, AS FUNDING LENDER (THE “FUNDING LENDER”), AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS FISCAL AGENT (THE “FISCAL AGENT”); (B) PROJECT LOAN AGREEMENT BY AND AMONG THE HFA, THE FISCAL AGENT AND FALLS AT BONAVENTURE, LLC (THE “BORROWER”); (C) A LAND USE RESTRICTION AGREEMENT BY AND AMONG THE HFA, THE FISCAL AGENT AND THE BORROWER (THE “LAND USE RESTRICTION AGREEMENT”); (D) AN ASSIGNMENT OF SECURITY INSTRUMENT BY THE HFA TO THE FISCAL AGENT; (E) AN ASSIGNMENT OF THE PROJECT NOTE BY THE HFA TO THE FISCAL AGENT; (F) A PLACEMENT AGENT AGREEMENT BY AND BETWEEN THE HFA AND RAYMOND JAMES & ASSOCIATES, INC., AS PLACEMENT AGENT (THE “PLACEMENT AGENT AGREEMENT”); AND (G) A FISCAL AGENT FEE AGREEMENT BY AND BETWEEN THE HFA AND THE FISCAL AGENT (THE “FISCAL AGENT FEE AGREEMENT”), AND (II) THE 2026 SERIES A-2 NOTE: (A) A BRIDGE FUNDING LOAN AGREEMENT BY AND AMONG THE HFA, CITIZENS BANK, NATIONAL ASSOCIATION, AS BRIDGE LENDER (THE “SUBORDINATE LENDER”), AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS SUBORDINATE FISCAL AGENT (THE “SUBORDINATE FISCAL AGENT”); (B) A BRIDGE PROJECT LOAN AGREEMENT BY AND AMONG THE HFA, THE SUBORDINATE FISCAL AGENT AND THE BORROWER; (C) THE LAND USE RESTRICTION AGREEMENT; (D) AN ASSIGNMENT OF BRIDGE LOAN DOCUMENTS BY THE HFA TO THE SUBORDINATE FISCAL AGENT; (E) THE PLACEMENT AGENT AGREEMENT; AND (F) THE FISCAL AGENT FEE AGREEMENT; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE HFA OF CERTAIN ADDITIONAL AGREEMENTS NECESSARY OR DESIRABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTES; 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 NOTES BY THE HFA; AUTHORIZING THE PROPER OFFICERS OF THE HFA TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE ISSUANCE OF THE NOTES; 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
Provides HFA bond financing for the acquisition, rehabilitation and equipping of the Falls at Bonaventure affordable housing project.
Goal Related Icon(s)
YES County Commission
N/A Go Green
N/A 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 May 19, 2025, the Broward County Housing Finance Authority (“HFA”) received a multifamily bond application from Falls at Bonaventure, LLC, for the acquisition, rehabilitation, and equipping of Falls at Bonaventure (“Project”), a 300-unit residential project. The Project is located at 201 Racquet Club Road, Weston, Florida 33326, in the area depicted in Exhibit 3. The multifamily bond application requested that the HFA issue bonds in the amount not to exceed $46,000,000 to finance the Project.
On January 21, 2026, the HFA adopted Resolution No. 2026-001, declaring its official intent to issue bonds and/or notes in an amount not to exceed $46,000,000 and authorizing HFA staff to publish a notice of public hearing (“TEFRA Notice”) of and conduct the public hearing (“TEFRA Hearing”) in accordance with the Tax Equity and Fiscal Responsibility Act (“TEFRA”).
The TEFRA Notice was published on April 22, 2026, and the TEFRA Hearing was held on May 1, 2026. The Mayor of the City of Weston was provided notice regarding the Project prior to the TEFRA Hearing.
On June 17, 2026, the HFA adopted Resolution No. 2026-005 (“Authorizing Resolution”), attached as Exhibit 2, formally authorizing the issuance of a multifamily housing revenue note in an aggregate amount not to exceed $46,000,000, comprised of the “2026 Series A-1 Note” and the “2026 Series A-2 Note” (collectively, the “Note”). The Authorizing Resolution also approves the form, execution, and delivery of documents necessary or desirable in connection with the issuance of the Note. Additionally, the Authorizing Resolution acknowledges and consents to the Borrower placing subordinate financing on the Project.
The Board’s adoption of the proposed Resolution attached as Exhibit 1 will: (i) authorize the HFA to issue the Note for the Project, (ii) approve and ratify the HFA’s publication of the TEFRA Notice on April 22, 2026, and the TEFRA Hearing held on May 1, 2026, including the resulting minutes, and (iii) approve the form, execution, and delivery of various documents in connection with the issuance of the Note.
Source of Additional Information
Ralph Stone, Director, Housing Finance Authority Executive Director, (954) 357-5320
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.