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 and University Station I, LLC, providing State Housing Initiatives Partnership Funding for the multi-family Rental Construction Strategy for Fiscal Year 2022-2023 (“University Station SHIP Agreement”) in substantially the form attached as (Exhibit 1), in the amount of $100,000, effective retroactively from July 1, 2022 to June 30, 2025, to provide funding assistance to University Station I, LLC, for the construction of a mixed-used development including 216 affordable multi-family rental units in the City of Hollywood, Florida; and authorize the County Administrator to execute same; and authorize the County Administrator to take any administrative and/or budgetary action to implement the University Station SHIP Agreement and to execute any amendments thereto, provided such amendments do not materially increase County’s obligations, subject to review for legal sufficiency by the Office the County Attorney. (Commission District 6)
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Why Action is Necessary
Board action is required to approve funding agreements.
What Action Accomplishes
Approves the University Station SHIP Agreement providing State Housing Initiatives Partnership Program funding for the construction of new multi-family rental units.
Is this Action Goal Related
Yes
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, “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 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 State Housing Initiative Partnership Program (“SHIP Program”) funding to the multi-family rental new construction strategy, and to serve as the Local Government Contribution for applicants of Florida Housing Finance Corporation (“FHFC”), which is required for applicants to compete in the FHFC multi-family housing funding cycle.
The FHFC has awarded funding to University Station I, LLC (“University Station”). University Station requested SHIP Program funds in the amount of $100,000 as the Local Government Contribution required by FHFC to ensure an application for funding is competitive. University Station is constructing a mixed-use development, including 216 new multi-family affordable housing units on four parcels of land situated on North 21st Avenue, between Polk Street, Taylor Street, and Filmore Street in the City of Hollywood, Florida as indicated on “Exhibit 2”. The development will include two eight story residential buildings with 108 affordable residential units in each building requiring an income of 80% AMI or lower and 14,258 square feet of retail/commercial space.
This item approves an agreement between the County and University Station and authorizes the County Administrator to execute same and any amendments to the agreement, provided such agreements do not materially increase County’s obligations, subject to review for legal sufficiency by the Office the County Attorney.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, 954-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact. The One Hundred Thousand Dollars ($100,000) in funding will be disbursed from the State of Florida-funded State Housing Initiatives Partnership Program Local Housing Assistance Trust Fund.