Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Environmental Protection Division: Planning & Development Management
Information
Requested Action
title
MOTION TO APPROVE Housing and Urban Development (HUD) Amendment related to Declaration of Restrictive Covenants related to the waiver of certain impact fees conditioned upon the Housing Authority of the City of Fort Lauderdale agreeing to certain affordable rental housing restrictions for the purpose of subordinating the Covenants for a new mortgage loan, and authorize County Administrator to execute same. (Commission District 9)
body
Why Action is Necessary
Requirement of lender that the Declaration of Restrictive Covenants be subordinate to the loan.
What Action Accomplishes
Subordinates the Declaration of Restrictive Covenants to the loan.
Is this Action Goal Related
No
Previous Action Taken
No previous action.
Summary Explanation/Background
THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE PLANNING AND DEVELOPMENT MANAGEMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
The Housing Authority of the City of Fort Lauderdale, as owner, and Northwest Properties III, Ltd., as lessee, (collectively known as "Owners") have requested to amend the Declaration of Restrictive Covenants for Affordable Housing recorded at Instrument No. 110017347 in the Public Records of Broward County, Florida ("DRC"), see Exhibit 3. This relates to an affordable housing project that has financing insured by the U.S. Department of Housing and Urban Development ("HUD"), located in the City of Fort Lauderdale, see Exhibit 2. The property is subject of a DRC related to the waiver of certain impact fees conditioned upon the Housing Authority of the City of Fort Lauderdale agreeing to certain affordable rental housing restrictions. As a condition of its insuring the lender's financing, HUD requires that the lien and covenants of the DRC be subordina...
Click here for full text