THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This items supports the Board's Value of "offering sustainable, compatible, innovative housing options for all income levels, including integrated supportive housing and rapid rehousing" and its corresponding goal to "strengthen stakeholder partnerships to increase the availability of affordable housing of all types (e.g.., rental, purchase, supportive, etc.) countywide, in every community."
On September 18, 2015, Broward County issued a HOME Investment Partnerships (HOME) loan and accompanying mortgage in the amount of $100,000 to Wisdom Village Crossing, LP (“Owner”), encumbering the property at 615 N. Andrews Avenue in the City of Fort Lauderdale. This affordable housing development, consisting of 105 units, received Broward County Local Government Contribution financing which is required for Low Income Housing Tax Credit applications awarded through the Florida Housing Finance Corporation. Subsequently, Owner was required to grant a Declaration of Restrictive Covenant (“Declaration”) to the Broward County Environmental Protection and Growth Management Department, Environmental Engineering and Permitting Division, and this Board action provides consent from Broward County, as the HOME mortgage holder, to grant the Declaration. This Declaration was in process at the time of the closing of the HOME loan, however the Environmental Protection and Growth Management Department required testing and reports before closing the file through the recording of the Declaration of Restrictive Covenant. The Declaration pledges that the development will not use groundwater for any purpose, which is not an issue because only city water is utilized.
The Joinder and Consent of Mortgage Holder has been reviewed and approved by the Office of the County Attorney. |