Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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A. MOTION TO APPROVE gap financing for three affordable housing projects and associated amounts as follows: 1) Federation Plaza Preservation, L.P. or its affiliate (Federation Plaza) at $2,000,000 (124 units); 2) Tarpon Housing Partners, LP or its affiliate (Residences at Sunset Place) at $7,000,000 (144 units); and 3) Sistrunk Apartments, LLC or its affiliate (Sistrunk Apartments) at $3,960,000 (72 units); authorizing the County Administrator to execute all agreements related to the listed gap financing projects, subject to the foregoing monetary limits and approval as to legal sufficiency by the Office of the County Attorney; and authorizing the County Administrator to take the necessary administrative and budgetary actions. (Commission Districts 6, 8 and 9)
ACTION: (T-10:54 AM) Approved.
VOTE: 9-0.
B. MOTION TO ADOPT budget Resolution in the Affordable Housing Trust Fund transferring $49,655,723 from reserves to fund Affordable Housing Projects in Broward County.
ACTION: (T-10:54 AM) Approved Resolution No. 2023-258.
VOTE: 9-0.
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Why Action is Necessary
Board action is required to approve agreements with outside agencies, create a new capital project above $25,000 and transfer funds from reserve.
What Action Accomplishes
Allows the County Administrator to execute agreements for financing three affordable housing projects totaling $12,960,000 (340 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 Value of ""Ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all i...
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