Broward County Commission Regular Meeting

A. 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 The Residences at Equality Park (Equality Park), in the amount of $900,000 from the Land Use Mitigation Account (LUMA) reserves for the construction and development of 48 affordable housing units in the City of Wilton Manors, Florida, which agreements and documents shall include, but shall not be limited to: (1) a loan agreement; (2) a promissory note; (3) a mortgage; and (4) a guaranty agreement.

ACTION:  (T-10:28 AM)  Approved. 

VOTE: 8-0. 

B. MOTION TO ADOPT budget Resolution No. 2018-497 (Exhibit 1) within the Affordable Housing Capital Fund in the amount of $900,000 for the purpose of providing gap financing for the construction and development of the Residences at Equality Park affordable housing development. (Commission District 7)

ACTION:  (T-10:28 AM)  Approved. 

VOTE: 8-0. 

Board action is required to transfer funds from reserves.

This action will enable the construction of 48 multi-family affordable housing units within the City of Wilton Manors.

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 Residences at Equality Park, located at 2040 N. Dixie Highway in the City of Wilton Manors, will include 48 new multi-family affordable housing units. The development cost for the project is approximately $15 million, but the project has a financing gap of $1.1 million created by the impact of tax reform on low income housing tax credit financing and increased construction costs primarily due to Hurricane Irma. Therefore, the developer has requested $900,000 from Broward County and $200,000 from the City of Wilton Manors to fill the gap. The Broward County loan will include a minimum of a 30-year affordable housing land use restriction and a zero interest 30-year loan payable upon sale, refinancing and/or expiration of the term. These funding amounts are contingent upon City and County review/approval of the Credit Underwriting and Financial Viability Report required by the Florida Housing Finance Corporation. The developer, Carrfour Inc., received tax credit financing from the Florida Housing Finance Corporation. The development will include a new four story, mid-rise structure near public transportation and community amenities in downtown Wilton Manors.

The Residences at Equality Park is a collaboration between the developer, Carrfour, Inc., and the Pride Center. The total number of units will be 48, of which 34 will be set aside as supportive housing for LGBTQ older adults with a disabling condition. In addition, 100% of the residents will have incomes of 60% AMI or less. The development will include a community space, supportive services staff offices, an exercise room and a computer lab. It is anticipated that construction will begin in February 2019 and be completed by March 2020.

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