Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
MOTION TO APPROVE Funding Agreement between Broward County and 1055 N Federal, LLC ("Owner"), providing funding to Owner in the total aggregate amount not to exceed $5,450,000 to facilitate the development of a minimum of 365 mixed-income dwelling 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)
body
Why Action is Necessary
Approval by the Board of County Commissioners is required to enter into the Agreement.
What Action Accomplishes
Approves a Funding Agreement to provide funding up to $5,450,000 for the construction of the Cove Project, a housing development comprising a minimum of 365 dwelling units, of which 55% of the units will be income restricted to households earning up to 120% Area Median Income ("AMI") 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 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 income levels, including integrated, permanent supportive housing and zoning that helps residents build equity."
The Cove Project is proposed to be an eight-story mixed use multi-family development with 376 residential one, two and three bedroom units (which number of units may be reduced if required by applicable federal, state, county, municipal or other a...
Click here for full text