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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A. MOTION TO APPROVE gap financing for four affordable housing projects and associated amounts as follows: 1) HTG DFI, Ltd, or its affiliate ("The Gem of Hallandale") at $6,750,000 (150 affordable units); 2) Richman Pompano Beach, LLC, or its affiliate ("Residences at Pompano Beach") at $7,000,000 (234 affordable units out of 244 total units); 3) Village at Oakland Park Associates, Ltd., or its affiliate ("Village at Oakland Park") at $7,000,000 (164 affordable units out of 174 total units), and 4) Fed Venture LP, or its affiliate ("Federal Apartments") at $5,000,000 (164 affordable units); authorizing the County Administrator to execute all agreements and documents 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.
B. MOTION TO APPROVE funding priority for gap financing for Village of the Arts, Ltd. or its affiliate (Village of the Arts) in the amount of $5,000,000 (143 affordable units out of 162 total units), by utilizing the first available funds allocated for Fiscal Year 2027 in the Affordable Housing Trust Fund for gap financing, if any, subject to Village of the Arts, Ltd. or its affiliate closing on construction financing by June 30, 2027; authorizing the County Administrator to execute all agreements and documents related to Village of the Arts, subject to the foregoing monetary limit 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 and 8)
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Why Action is Necessary
Board action ...
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