Broward County Commission Regular Meeting
Director's Name: Henry A. Sniezek
Department: Environmental Protection Division: Housing Finance & Comm. Redevelopment
Information
Requested Action
title
MOTION TO ADOPT Resolution No. 2020-281 of the Board of County Commissioners of Broward County, Florida, authorizing the Housing Finance Authority (HFA) of Broward County, Florida to make a Revolving Loan (the "Loan") to Southeast Florida Community Development Fund, Inc.(Borrower) in an amount not to exceed $1,000,000; for the purpose of financing the construction, renovation, and/or equipping of single-family residential units located in Broward County, Florida; approving and authorizing the execution and delivery of a Line of Credit Agreement by and between the HFA and the Borrower; approving and authorizing the execution and delivery of certain additional agreements necessary or desirable in connection with the loan; authorizing the proper Officers of the HFA to do all things necessary or advisable in connection with the loan; and providing an effective date.
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Why Action is Necessary
The Housing Finance Authority (the "HFA") is empowered under (i) the laws of the State of Florida, including the Florida Housing Finance Authority law, Florida Statutes, Sections 159.601 through 159.623 (the "Act"), and (ii) Ordinance 79-41 enacted by the Board of County Commissioners of Broward County, Florida (the "Board") on June 20, 1979, as amended, to make loans to not-for-profit corporations for the development of affordable housing.
What Action Accomplishes
i) Allows the HFA to make a revolving loan in an aggregate principal amount not to exceed $1,000,000 for the purpose of financing the construction, renovation and/or equipping of single-family residential units, and (ii) enter into a Line of Credit Agreement between the HFA and Southeast Florida Community Development Fund, Inc (Borrower).
Is this Action Goal Related
Yes
Previous Action Taken
No...
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