Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Urban Planning Division
Information
Requested Action
title
MOTION TO APPROVE Subordination Agreements related to the Declarations of Restrictive Covenants for Dixie Court located south of Northwest 4th Street, between Northwest 11th Avenue and North Powerline Road, in the City of Fort Lauderdale involving the waiver of certain impact fees and to authorize County Administrator to execute same. (Commission District 8)
body
Why Action is Necessary
This action will meet the requirements of a new lender that the Declaration of Restrictive Covenant be subordinated to the loan.
What Action Accomplishes
Subordinates the Declaration of Restrictive Covenants to the loan.
Is this Action Goal Related
No
Previous Action Taken
None taken.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE URBAN PLANNING DIVISION RECOMMEND APPROVAL.
The Dixie Court Associates, Ltd., a Florida limited partnership ("the Owner") and the Housing Authority of the City of Fort Lauderdale ("the Lesser") has requested to subordinate the Declarations of Restrictive Covenants for Affordable Housing recorded in Official Record Book 42928, Page 140 and 45121, page 529 in the Official Records of Broward County, Florida (Exhibit 3).
The subject property is located south of Northwest 4th Street, between Northwest 11th Avenue and North Powerline Road, in the City of Fort Lauderdale. The owners are in the process of refinancing the senior permanent loan from PNC Bank, N.A. using a Section 223(f) refinance mortgage insured through the Federal Housing Administration ("FHA") an agency of the U.S. Department of Housing and Urban Development ("Lender").
The Office of the County Attorney has reviewed the subordination agreements, and
neither the Subordination or the Owner's Certification and Acknowledgement would adequately substitute for ...
Click here for full text