Broward County Commission Regular Meeting

MOTION TO AUTHORIZE County Administrator to execute or approve any and all agreements and documents, subject to approval as to form and legal sufficiency by the Office of the County Attorney, in connection with Broward County’s proposed loan to Saratoga Crossings, LTD., in the amount of $437,000 for the construction and development of 172 affordable housing units in Dania Beach, Florida, which agreements and documents shall include, but shall not be limited to: (1) a loan agreement (requires execution by both parties); (2) a promissory note (to be executed only by the borrower); (3) a leasehold mortgage and security agreement (to be executed only by the borrower); (4) a repayment guaranty agreement (to be executed only by the borrower); and (5) a subordination and inter-creditor agreement (requires execution by both parties).

ACTION:  (T-10:24 AM)  Approved.
 
VOTE: 7-0.  Commissioners LaMarca and Ryan were not present.

No Previous Action.

THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.

This item supports the Board’s value: “Offering sustainable, compatible, innovative housing options for all income-levels, including integrated, permanent supportive housing” and the corresponding goal to "Increase the availability of affordable housing of all types, countywide, in every community using effective, uniform criteria, policies and strategies."

The construction and development of the 172 affordable housing units in Dania Beach, Florida (“Project”) is a joint venture between the Dania Beach Housing Authority and Atlantic Pacific Communities, LLC. Saratoga Crossings, LTD., the developer for the Project (the “Developer”). The Developer was awarded Low Income Housing Tax Credits from Florida Housing Finance Corporation to construct the Project, which will consist of 172 affordable multi-family housing units:128 units for families and 44 units for senior residents. The Project will be located at 705 W. Dania Beach Boulevard and 1105 W. Dania Beach Boulevard, in the City of Dania Beach, Florida, and will only provide housing to individuals and families meeting certain low-income thresholds.  

To assist the Developer with the construction and development of the Project, Broward County (“County”) is willing to provide the Developer with gap financing in the form of a $437,000 loan (“Loan”). The Loan, which is to be repaid to County over a five-year term, will be evidenced by a promissory note, secured by a leasehold mortgage and security agreement, and guaranteed by a repayment guaranty agreement. In addition, the Loan will be subordinate in the right of payment to the construction loan made by Wells Fargo Bank, N.A. and the permanent loan made by Neighborhood Lending Partners of Florida, Inc.
 
Documents including those referenced in the motion statement will be required.
 
County, in connection with this Project, previously awarded $200,000 for Phase I and Phase II in HOME funds for the local tax credit match, as is customary with other Low Income Housing Tax program projects located in Broward County. This Loan will provide the Developer with the final local gap financing necessary to complete the Project funding.

Ralph Stone, Housing Finance and Community Redevelopment Division, (954) 357-5320