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 gap financing for five affordable housing projects and associated amounts as follows: 1) Sunshine Shipyard LLC, or its affiliate (The Arcadian) at $5,000,000 (100 affordable units out of 478 total units); 2) Pine Island Park, LLC or its affiliate (Pine Island Park) at $5,400,000 (120 affordable units); 3) HTG Vista, Ltd. or its affiliate (Hollywood Vista) at $6,490,000 (118 affordable units); 4) HTG Paramount, Ltd. or its affiliate (Paramount Place) at $6,500,000 (110 affordable units) and 5) Village of the Arts, Ltd. or its affiliates (Village of the Arts) at $5,000,000 (143 affordable units out of 162 total units); authorizing the County Administrator to execute all agreements 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. (Commission Districts 6, 8 and 9)
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Why Action is Necessary
Board action is required to approve agreements with outside agencies and to create a new capital project above $25,000.
What Action Accomplishes
Allows the County Administrator to execute agreements for gap financing for five affordable housing projects totaling $28,390,000 (591 affordable units).
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 int...
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