Broward County Commission Regular Meeting

A. MOTION TO APPROVE Forbearance and Standstill Agreement between Broward County, the Dania Beach Housing Authority and Saratoga Crossings II, LTD (Exhibit 1) addressing the deed to a parcel of land purchased with Broward County Community Development Block Grant funding in 1990 by the Dania Beach Housing Authority with reverter provisions, affirming that as long as the property is used for affordable housing for low/moderate income residents, the reverter provisions in the deed are stayed and have no force or effect; authorizing the Mayor and Clerk to execute same.

ACTION:  (T-11:12 AM)  Approved.

VOTE: 8-0.  Dr. Sharief was inaudible at the time of the vote.

ACTION:  (T-11:13 AM)  Dr. Sharief telephonically requested being shown voting in the affirmative.

VOTE: 9-0.

B. MOTION TO ADOPT budget Resolution No. 2018-602 (Exhibit 2) within the Affordable Housing Capital Fund in the amount of $437,000 for the purpose of providing gap financing for the construction and development of the Saratoga Crossings affordable housing development. (Commission District 7)

ACTION:  (T-11:12 AM)  Approved.

VOTE: 8-0.  Dr. Sharief was inaudible at the time of the vote.

ACTION:  (T-11:13 AM)  Dr. Sharief telephonically requested being shown voting in the affirmative.

VOTE: 9-0.

Board action is necessary to approve agreements with outside organizations and budget Resolutions.

Approval of this agreement is required by the lender for financing this development, and approval of the budget Resolution is necessary to fund the project.

On June 12, 2018, (Item No. 23) the Board approved gap financing in the amount of $437,000 for the construction and development of Saratoga Crossings, in the amount of $437,000; authorizing the County Administrator to execute or approve all agreements and documents, subject to the approval of the Office of the County Attorney.

THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION APPROVES THIS MOTION.

This item supports the County Commission’s VALUE to “Offer sustainable, compatible, innovative housing options for all income-levels, including integrated housing, permanent support housing” and the GOAL to “Promote housing and community redevelopment that integrates energy efficiency, community resilience, and other livability standards and initiatives.”

A. The Dania Beach Housing Authority and the Saratoga Crossings II, LTD intend to revitalize certain property in the City of Dania Beach into an affordable rental community for seniors, known as Saratoga Crossings II, containing 44 units, 40 of which are to be low income housing tax credit (LIHTC) units. All units will receive Section 8 project-based rental vouchers from the Dania Beach Housing Authority.

In 1990, the Dania Beach Housing Authority acquired a portion of the property with Community Development Block Grant (CDBG) funding from Broward County. The respective deed contains a reverter clause that provides that in the event the CDBG parcel is no longer used for affordable housing for low/moderate income residents of Broward County, the title to the CDBG parcel reverts to the County. Although the Saratoga Crossings II project complies with the definition of affordable housing, the construction lender and the permanent lender providing financing for the development indicate this agreement is needed to ensure the reverter provisions of the deed shall be stayed and have no force or effect as long as the property is being used for affordable housing.

B. On June 12, 2018, the Board approved gap financing to Saratoga Crossings affordable housing development in the amount of $437,000 and authorized the County Administrator to execute all loan documents in regards to the development of 172 affordable housing units in the City of Dania Beach by the Dania Beach Housing Authority and Saratoga Crossings, LTD. The 44 units referenced in "B" above are included in the 172 unit project. The loan documents are now complete and the project is ready to proceed to closing; therefore, a budget Resolution is required.

Ralph Stone, Director, Housing Finance and Community Redevelopment Division, (954) 357-4912