Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
title
MOTION TO AUTHORIZE County Administrator to execute agreements, subject to approval as to legal sufficiency by the Office of the County Attorney, related to a $14 million gap financing loan to Douglas Gardens IV (400 units, 20 of which are market rate, for seniors) in the City of Pembroke Pines, Florida, representing a consolidation of two previously approved projects, Douglas Gardens IV at $5 million (DGIV) and Douglas Gardens VI at $9 million (DGVI), into one project which will result in material benefits to the development; and authorizing the County Administrator to take the necessary administrative and budgetary actions. (Commission District 7)
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Why Action is Necessary
Board action is required to approve all agreements with outside agencies.
What Action Accomplishes
Authorizes the County Administrator to execute agreements for a $14 million (400 units) gap financing loan, consolidating DGIV & DGVI into a single development and single funding transaction which will result in material benefits to the development.
Is this Action Goal Related
Yes
Previous Action Taken
No Previous Action.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board's Value of "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, uniform criteria, policies and strategies".
On June 15, 2021, Agenda Item #48, the BOCC approved gap financing in the amount of $5 million for the Douglas Gardens IV Senior Health and Living Affordable Housing Proje...
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