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 of "Increase the availability of affordable housing of all types, countywide, in every community using effective, uniform criteria, policies and strategies.”
The Affordable Housing Fund (AHF) Program is a new program administered by the Housing Finance and Community Redevelopment Division (HFCRD) that provides gap funding as an incentive to create partnerships that produce and/or preserve affordable dwelling units. The program was designed to serve very low, low and moderate-income families.
On September 25, 2018, the Board approved the Fiscal Year 2019 budget which included allocating $5,000,000 of which $3,950,000 (Exhibit 1), has been allocated to these two projects. The remaining funding will be allocated to a future project.
On October 1, 2018, a Request for Proposals (RFP) was issued seeking proposals from qualified and responsive firms who can demonstrate the requisite knowledge, experience, technical expertise and organizational and financial capacity to perform the services specified in the RFP, “to construct and/or preserve at a minimum 50 affordable multi-family housing units countywide".
On November 16, 2018, the HFCRD received two proposals. All proposals were timely submitted and were accepted and determined to be responsive to the RFP.
On December 17, 2018, an Evaluation Committee (EC) meeting was held to score and rank the firms (Exhibit 2). Both proposals were selected, Urban Farmers Inc. and the BHP Community Land Trust Inc. dba the South Florida Community Land Trust, and Pompano Beach Leased Housing Associates II, LLP. Once approved by the Board, both firms will execute an agreement with the County to finance and construct the units. The GAP financing will serve as leverage for the selected firms to use Broward County Housing Finance Authority bonds or other required sources of funding to finance the construction of the project. The $3,950,000 AHF funds will be in the form of zero interest rate loans for a term of a of 30 years, with a 30 year affordable housing land use restriction, payable upon sale or refinancing or the end of the term, whichever occurs first.
The Developers will be responsible for all of the following Project elements: financing, design, obtaining all required development approvals and permits, construction, operation and maintenance of the proposed project. The 8th Avenue Commons project will include 200 new affordable housing units which will benefit the community by providing affordable housing to income eligible individuals and families. The location of the project is 200 NW 8th Avenue in the City of Hallandale Beach. The Regency Gardens Apartments project will include the preservation of 94 affordable housing units of which 15 are set aside for individuals and families who are at or below 25% area median income. The remaining 79 units are reserved for those at or below the 60% area median income. The location of the project is 1525 NW 17 Avenue in the City of Pompano Beach.
The Developers agree that contractor and vendor awards to CBEs are crucial to the achievement of County's CBE participation objectives. Although this Proposal does not have assigned CBE goals, the Developers agree that every effort will be made to utilize the services of Broward County-certified CBE firms and Developer/Sponsor shall include this provision in any subcontract it enters into pursuant to this Agreement.
The Evaluation Committee members and each member's ranking of each of the two proposers is attached as (Exhibit 2). A summary of the two project proposals is included as (Exhibit 3). |