Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Public Works and Environmental Services
Division: Housing Finance Authority
Information
Requested Action
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MOTION TO APPROVE Funding Agreement between Broward County and CC FTL WFH, LLC, a Florida limited liability company (“Owner”), providing funding to Owner in the total aggregate amount not to exceed $5,845,558 to facilitate the development of a minimum of 330 rental units (including a minimum of 136 income-restricted units) in the City of Fort Lauderdale (“Agreement”); to authorize the County Administrator to execute the Agreement; and to authorize the County Administrator to take all necessary administrative and budgetary actions to implement same. (Commission District 4)
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Why Action is Necessary
Approval by the Board of County Commissioners is required to enter into the Agreement.
What Action Accomplishes
Approves the Agreement to provide funding of up to $5,845,558 for the construction of The Cypress, a housing development comprising a minimum of 330 dwelling units, including a minimum of 136 income-restricted units. Of the total units, approximately 34 units (10%) will be income-restricted to households earning up to 100% Area Median Income (“AMI”), and approximately 102 units (30%) will be income-restricted to households earning up to 120% AMI. The income restrictions will remain in effect for a period of 30 years following the project completion date.
Goal Related Icon(s)
?County Commission
?Go Green
?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 the Board’s Value of “Ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all income levels, including integrated, permanen...
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