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 sign letter consenting to the Alliance between Housing Opportunities, Mortgage Assistance & Effective Neighborhood Solutions, Inc. (H.O.M.E.S. Inc.) ("Borrower") and Helping Abused, Neglected, Disadvantaged Youth, Inc. ("HANDY"), to prevent an acceleration of debt that could be triggered as a result of the Borrower's change in ownership in three Broward County HOME Investment Partnerships mortgages: Mortgage Recorded in OR Book 47463, Page 1977, Mortgage Recorded in OR Book 46072, Page 398, and Mortgage Recorded under instrument No. 113212283 of the Official Records of Broward County.
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Why Action is Necessary
Board action is necessary to consent to an Alliance between organizations which would transfer interest in Broward County mortgages, so as not to accelerate repayment of the mortgages.
What Action Accomplishes
Enables the two nonprofit organizations to form an Alliance without requiring the repayment of Broward County HOME mortgages held by HOMES, Inc.
Is this Action Goal Related
No
Previous Action Taken
No previous action.
Summary Explanation/Background
THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
Broward County provided financial assistance through the federally funded HOME Investment Partnerships Program to the nonprofit housing developer, HOMES, Inc., the Borrower, for development of three different affordable housing programs, resulting in three separate mortgages (the "Mortgages"). These mortgages include provisions requiring repayment upon transfer of interest, including a transfer of a beneficial interest in the Borrower, without Broward County approval. The Borr...
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