Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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MOTION TO APPROVE First Global Modification to Mortgages and Other Loan Documents ("Global Modification") related to Captiva Cove III affordable housing project in substantially the form of Exhibit 2; and to authorize the County Administrator to execute the Global Modification with any required modifications, provided such modifications do not impose any additional, material financial risk on the County, and are subject to review and approval as to legal sufficiency by the Office of the County Attorney. (Commission District 4)
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Why Action is Necessary
Board action is required to approve agreements with outside agencies.
What Action Accomplishes
Authorizes the County Administrator to approve modification to mortgages and other loan documents related to Captiva Cove III affordable housing project in accordance with the Global Modification.
Goal Related Icon(s)
?County Commission
?Go Green
?MAP Broward
Previous Action Taken
None taken.
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: "Ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all income levels, including integrated, permanent supportive housing and zoning that helps build equity."
On February 22, 2022, Agenda Item No. 23, the Board of County Commissioners ("BOCC") approved gap financing in the amount of $5,630,000 for the Captiva Cove III affordable housing project ("County Loan"), a 106-unit residential building located at 740 SW 11th Street, Pompano Beach, Florida, for construction and permanent financing ("Project").
The City of Pompano Beach ("City") made a loan to Borro...
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