Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency ("CRA"), Approving And Authorizing The Expenditure Of Funds In An Amount of $2,014,205.00 For A Funding Commitment Between The City Of Hollywood And Dixie Hollywood Apts, LLC, An Affiliate Of Affiliated Development, LLC, For A Mixed Income Workforce Housing Development Located At 400 South Dixie Highway Within The Downtown District Of The CRA.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
Dixie Hollywood Apt, LLC, an affiliate of Affiliated Development, LLC ("Developer"), proposes to develop a mixed-income multifamily rental housing development located at 400 South Dixie Highway in the Downtown District of the Community Redevelopment Agency ("CRA").
The proposed development will consist of approximately 394 residential units, with approximately (50%) of the units restricted as workforce housing for households earning up 120% of the Area Median Income. The project will also include structured parking and associated residential amenities designed to support long-term housing stability and neighborhood investment.
The Developer has advised the City that, due to increasing construction costs, financing constraints, and current market conditions, the project requires additional financial assistance to address a funding gap and maintain project feasibility. As part of its request, the Developer is seeking affordable housing gap financing, additional City/CRA funding assistance, and a waiver of the City's public art requirements.
To support the development of workforce housing and advance the CRA's and City's goals of increasing affordable housing and support economic development, a proposed Funding Commitment between the City and the Developer contemplates the following:
* $4,000,000.00 in affordable housing gap financing through the City's affordable and workforce housing Interlocal Agreement (...
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