Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
MOTION TO APPROVE Agreement between Broward County (“County”) and Pine Island Park providing State Housing Initiatives Partnership (“SHIP”) Program Funding for Multifamily Rental Construction (“Agreement”) in substantially the form proposed in Exhibit 1; authorize the County Administrator to approve any modifications thereto that do not impose any additional material risk or financial obligation on the County, subject to review and approval as to legal sufficiency by the Office of the County Attorney; and authorize the County Administrator to execute the final form of the Agreement. (Commission District 9)
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Why Action is Necessary
Board action is required to approve SHIP program funding agreements.
What Action Accomplishes
Approves the Agreement in substantially the form attached as Exhibit 1, providing SHIP program funds towards the construction of a new 120 unit affordable residential development in the City of Sunrise, Florida.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
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 Board adopted Resolution No. 2022-465, approving the allocation of $500,000 in SHIP program funding to the Multifamily Rental New Construction Strategy. This funding also serves as the Local Government Contribution required for applicants to compete in the Florida Housing Finance Corporation (“FHFC”) multifamily housing funding cycle. Of the total SHIP funds, Pine Island Park, LLC, a Florida limited liability company (“Pine Island Park”), requested an allocation of $100,000 to meet the minimum Local Government Contribution for its FHFC state funding application. Pine Island Park plans to construct a new 120-unit affordable residential development in the City of Sunrise, Florida (“Project”). The FHFC has awarded Pine Island Park Low Income Housing Tax Credits for the purpose of assisting with financing and construction of the Project.
The Project site is located on the south side of Northwest 44 Street, approximately 350 feet east of Northwest 92 Way in the City of Sunrise. The development will include a mix of 33 one-bedroom, one-bath units; 76 two-bedroom, two-bath units; and 11 three-bedroom, two-bath units in a single six-story, elevator-serviced mid-rise building. Units will be leased to households earning up to 70% of the area median income (“AMI”). Of the total units, five are set aside at 22% of AMI to satisfy the National Housing Trust Fund (“NHTF”) loan requirements and 18 are designated for households earning 30% of AMI, classified as Extremely Low Income. Two units will be SHIP funded.
Exhibits A-C to the Agreement, which relate to the Project description, budget and timeline, are currently being finalized in coordination with Pine Island Park and will be incorporated into the final executed Agreement. These exhibits will not increase the total grant amount or result in any material changes to the terms of the Agreement.
SHIP funds will be disbursed once the criteria outlined in the Agreement are met and may be subject to recapture by the County under conditions 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.