Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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MOTION TO APPROVE Agreement between Broward County (“County”) and Tallman Pines, HR, Ltd. (“Tallman Pines”), Providing State Housing Initiatives Partnership Program Funding for Multifamily Rental Construction (“Agreement”) providing State Housing Initiatives Partnership (“SHIP”) program funds in the amount of $100,000, to Tallman Pines to assist with the construction of an affordable 75-unit new construction elderly residential development in the City of Deerfield Beach, Florida (“Project”); and authorize the Mayor and Clerk to execute same. (Commission District 2)
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Why Action is Necessary
Board action is required to approve SHIP program funding agreements.
What Action Accomplishes
Approves the Agreement providing SHIP program funds towards the construction of the Project.
Goal Related Icon(s)
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Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board’s vision of, “offering sustainable, compatible, innovative housing options for all income levels, including integrated, permanent, supportive housing and rapid rehousing,” and its corresponding goal to “strengthen stakeholder partnerships to increase the availability of affordable housing of all types (e.g., rental, purchase, supporting, etc.) countywide, in every community.”
On September 20, 2022 (Agenda Item No. 36B), the Broward County Board of County Commissioners (“Board”) adopted Resolution No. 2022-465, approving the allocation of $500,000 in SHIP Program funding to the Multifamily Rental New Construction Strategy, and to serve as the Local Government Contribution that is required for applicants to compete in the Florida Housing Finance Corporation (“FHFC”) multifamily housing funding cycle. Of these SHIP funds, Tallman Pines, HR, Ltd. (“Tallman Pines”), a Florida limited partnership, requested an allocation of $100,000 to meet the minimum Local Government Contribution for their project application for FHFC state funding. Tallman Pines plans to construct a 75-unit new construction elderly residential development in the City of Deerfield Beach, Florida (“Project”). The FHFC has awarded Tallman Pines Low Income Housing Tax Credits for the purpose of assisting Tallman Pines with the financing and construction of the Project.
Units will be leased to seniors 62 years of age and older who earn 22%, 25%, and 60% of the area median income (“AMI”). The unit mix consists of 45 1-bed/1-bath units and 30 2-bed/2-bath units. Two units will be SHIP funded units.
This item approves the Agreement between Broward County (“County”) and Tallman Pines, HR, Ltd., providing State Housing Initiatives Partnership Program Funding for Multifamily Rental Construction (“Agreement”). The initial term of the Agreement is retroactive to July 1, 2022, and expires on June 30, 2025. Funds will be provided once the funding criteria described in the Agreement are met and may be recovered by the County under the circumstances outlined therein, such as failure to comply with affordability requirements.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, 954-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact. The $100,000 in SHIP program funding will be disbursed from the State of Florida-funded State Housing Initiatives Partnership Program Local Housing Assistance Trust Fund.