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 modification of the $2,000,000 gap financing for Parcview Miramar, LLC, or its affiliate, for the construction of a 62-unit affordable housing homeownership project to be known as ParcView at Miramar, from a single $2,000,000 gap loan into two gap loans in the following amounts: 1) $840,000 gap loan for the first phase (26 affordable homeownership units), and 2) $1,160,000 gap loan for the second phase (36 affordable homeownership units); authorizing the County Administrator to execute all agreements and related documents related to the 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 District 7)
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Why Action is Necessary
Approval by the Board of County Commissioners ("Board") is required to revise the financing structure previously approved by the Board.
What Action Accomplishes
Allows the County Administrator to execute agreements for gap financing for each phase of the affordable housing homeownership project in the following amounts: 1) $840,000 for the first phase (26 affordable homeownership units), and 2) $1,160,000 for the second phase (36 affordable homeownership units).
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Previous Action Taken
On May 20, 2025, the Board of County Commissioners ("Board") approved gap financing in the amount of $2,000,000 for the affordable housing homeownership project (Agenda Item No. 33).
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...
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