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 COMMISSIONER OF BROWARD COUNTY, FLORIDA AUTHORIZING THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA (THE “HFA”) TO INCREASE THE AMOUNT OF THE LOAN TO THE SOUTHEAST FLORIDA COMMUNITY DEVELOPMENT FUND, INC. (THE “BORROWER”) TO AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $1,500,000; APPROVING AND AUTHORIZING A TWO YEAR TERM EXTENSION TO THE LINE OF CREDIT AGREEMENT; APPROVING AND AUTHORIZING AN AMENDMENT TO THE LINE OF CREDIT AGREEMENT BY AND BETWEEN THE HFA AND THE BORROWER AND APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH AMENDMENT; AUTHORIZING THE PROPER OFFICERS OF THE HFA TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH THE LOAN AND THE AMENDMENT; 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
Enables the adoption of a Resolution.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
The Board previously authorized a $1,000,000 line of credit from the HFA to the Southeast Florida Community Development Fund, Inc. on May 19, 2020 (Agenda Item No. 21)
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.”
Southeast Florida Community Development Fund, Inc. (the “Borrower”) is a 501(c)3 nonprofit organization under the South Florida Regional Planning Council focused on promoting community and economic development to facilitate the provision of clean, decent, affordable, and sustainable housing. On May 19, 2020, the Board of County Commissioners (the “Board”) approved Resolution 2020-281 authorizing the Housing Finance Authority (the “HFA”) to enter into a $1,000,000 Line of Credit Agreement with the Borrower for the purpose of making loans to third parties to finance the construction of single-family residential housing units (each unit a “Project”) located in Broward County. The loan is set to expire November 1, 2026, unless extended.
On July 7, 2025, the Borrower requested a two-year extension and a $500,000 increase to the line of credit to support construction of Sunset Strip Square, a 29-unit homeownership project in the City of Sunrise, which received Broward County gap financing by the Board on May 20, 2025. Monthly interest payments will be paid on the loan throughout the construction period and upon completion and sale of the units, the full principal of $1,500,000 will be repaid.
On August 20, 2025, the HFA approved Resolution 2025-009 (Exhibit 2) (the “HFA Resolution”), authorizing the loan increase in an aggregate principal amount not to exceed $1,500,000 and extending the maturity date of the loan to November 1, 2028. The HFA Resolution was prepared and approved as to form by Bond Counsel.
Adoption of the proposed Resolution (Exhibit 1) authorizes amending the Line of Credit to increase the loan to $1,500,000 for the purpose of financing the Projects and extending of the maturity date by two additional years. The proposed Resolution attached as Exhibit 1 was prepared and approved as to form by Bond Counsel and approved as to legal sufficiency by the Office of the County Attorney.
Prior to or simultaneously with the execution of the amendment, the Borrower will issue a new promissory note (the “Note”) evidencing the increased principal amount. The Note will bear interest at 3% per annum from the date of issuance.
Source of Additional Information
Ralph Stone, Executive Director, Housing Finance Authority, 954-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.