Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute A Rebate To Pinnacle 441, LLC For Impact Permit Fees For The Affordable Housing Development Of Pinnacle 441 Phase One In The Amount Of $224,475.00.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of Attached Resolution.
Explanation:
Housing affordability is affected by a complex network of factors. However, the issue largely comes down to supply and demand. When demand significantly outpaces supply, the cost of available units rises. As a result, low- and even middle-income buyers and renters are increasingly cost-burdened. This gap in affordability has been further exacerbated by inflation. The City Commission has recognized this deficit and supported policies and investments to increase the supply of quality, attainable housing.
On October 3, 2018, the City Commission passed and adopted Resolution No. R-2018-324 executing an Interlocal Agreement with Broward County, the City of Hollywood and Hollywood Community Redevelopment Agency regarding funding for affordable housing programs.
Pinnacle 441, LLC is the owner and developer of Pinnacle 441 Phase 1, a mixed-use development project totaling 113 residential units to provide critically needed affordable housing along with ground floor commercial retail space, located at the southwest corner of State Road 7/US 441 and Johnson Street.
Pinnacle 441, Phase 1 is a part of a strategic, multi-phase, mixed-use development spearheaded by Pinnacle and supported by the Florida Housing Finance Corporation and Broward County. 110 units will be affordable at 60% of the area-wide median income or less, with an additional 3 market-rate units including a ground floor live/work space with commercial frontage on Johnson Street. The commercial space totals 6,760 square feet fronting the active and heavily trafficked State Road 7/U...
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