Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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MOTION TO APPROVE Subordination Agreement related to the multi-family affordable housing project by Oasis of Hope Community Development Corporation, Inc. ("Nonprofit") in substantially the form of Exhibit 1; authorize the County Administrator to approve and execute the Subordination Agreement and make any required modifications to the Subordination Agreement, provided such modifications do not impose any additional material financial risk on the County, and are subject to review and approval as to the legal sufficiency by the Office of the County Attorney; and to authorize the County Administrator or such other person designated by the County Administrator to execute customary required closing documents for such refinancing, and take the necessary administrative and budgetary actions. (Commission District 4)
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Why Action is Necessary
Board action is required to approve subordination agreements where the senior mortgage is a balloon mortgage.
What Action Accomplishes
Provides Broward County ("County") consent to a subordination agreement that will allow Nonprofit to refinance the first mortgage on the subject property.
Goal Related Icon(s)
?County Commission
?Go Green
?MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board's value of "Customer Focus: delivering ?customer-centric solutions" and the Board's goal of "Accountable Government: consistently delivering responsive, efficient, inclusive, and equitable quality services."
Broward County supplied HOME Investment Partnerships ("HOME") funding for the affordable housing project (Exhibit 3-location map) by providing four rental units to youths who ...
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