Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Environmental Protection Division: Housing Finance & Comm. Redevelopment
Information
Requested Action
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MOTION TO AUTHORIZE County Administrator to execute all agreements, subject to approval as to form and legal sufficiency by the Office of the County Attorney, related to gap financing in the amount of $2,450,000 to be provided to Solaris Apartments Limited or an affiliate of Solaris Apartments Limited, for new construction of 78 affordable (low and very low area median income) multifamily residential units in the City of Hallandale Beach, Florida; and authorizing the County Administrator to take the necessary administrative and budgetary actions related to the gap financing. (Commission Districts 6 and 8)
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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
Allocates $2,450,000 for gap financing for the construction of 78 new affordable multifamily housing units and authorizes the County Administrator and County Attorney to execute agreements for financing of the Solaris Apartments project.
Is this Action Goal Related
Yes
Previous Action Taken
On September 10, 2019, (Item #20) the Board approved $1,000,000 in gap financing for the construction of new affordable multifamily housing units for the Solaris Apartments project.
Summary Explanation/Background
THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board's value: "Offering sustainable, compatible, innovative housing options for all income-levels, including integrated, permanent supportive housing" and the corresponding goal of "Increase the availability of affordable housing of all types, countywide, in every community using effective...
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