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 Consent to Change of Ownership Structures ("Consent"), in substantially the form attached as Exhibit 2, to allow Douglas Gardens IV, LTD. ("Borrower") to change ownership structures of certain entities in connection with Douglas Gardens IV affordable housing project ("Project"); and to authorize the County Administrator to negotiate and execute the Consent, an amendment to the guaranty documents related to the Project, and other documents related to the Consent, that do not impose any additional, material financial impact on the County, subject to review and approval as to legal sufficiency by the Office of the County Attorney. (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
Action approves the Consent and authorizes the County Administrator to execute and negotiate the Consent, an amendment to the guaranty documents related to the Project, and other documents related to the Consent.
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 offing sustainable, compatible, innovative, accessible, affordable housing options for all income levels, including integrated, permanent supportive housing and zoning that helps build equity."
On June 7, 2022, Agenda Item No. 23, the Board of County Commissioners ("BOCC") approved gap financing in the amount of $14,000,000 ("County Loan") for the Douglas Gardens IV affordable housing project, a 410-unit multifamily housing proje...
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