Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
MOTION TO APPROVE Second Amendment to Mortgage and Promissory Note between The Palms of Deerfield Beach, L.P., and Broward County; and authorizing the Mayor and Clerk to execute same. (Commission District 2)
body
Why Action is Necessary
Board approval is required for amendments to mortgages and promissory notes.
What Action Accomplishes
Approves the Second Amendment to Mortgage and Promissory Note between The Palms of Deerfield Beach, L.P., and Broward County, and authorizes the Mayor and Clerk to execute same.
Goal Related Icon(s)
?County Commission
?Go Green
?MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND THE APPROVAL OF THE ABOVE MOTION.
The item supports the Goal of the Broward County Board of County Commissioners ("Board") 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."
Broward County ("County") through the Housing Finance Division ("Division") made a Home Investment Partnerships Program (HOME) loan in the amount of $500,000 (the "Loan"), to The Palms of Deerfield Beach, L.P. (the "Borrower"), for the purpose of assisting with financing the development of a 56 unit multifamily affordable housing project known as Palms of Deerfield Townhomes and located at 407-431 NW 1st Terrace in the City of Deerfield Beach (the "Project"). The County and the Borrower entered into a Mortgage and Promissory Note on May 22, 2008, as subsequently amended on May 1, 2009 (the "Mortgage").
On December 20, 2022, the Housing Finance Authority of Browa...
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