Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Committing To Provide Local Government Areas Of Opportunity Funding In The Amount Of $640,000.00 In The Form Of A Loan To Support An Application To The Florida Housing Finance Corporation In Response To Its Request for Applications For 9% Housing Tax Credits For The Development Of A Mixed-Income Housing Project In the City To Include A Minimum Of 100 New Affordable Housing Units Designated For Those Earning An Average Of 60% Of the Area Median Income, And Authorizing The Appropriate City Officials To Execute All Documents Necessary To Effectuate This Resolution.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of Resolution.
Explanation:
The Florida Housing Finance Corporation has issued a Request for Applications (RFA 2021-202) that will award housing tax credits to at least two developments in Broward County that have demonstrated local government support through the commitment of Local Government Areas of Opportunity (LGAO) Funding in the amount of $640,000 to be provided as either a loan or a grant. Two development groups, Pinnacle Communities, LLC (Pinnacle) and Housing Trust Group, LLC (HTG), have approached the City requesting this support. The RFA specifies that local governments can only provide this support to a single project within their jurisdiction. The two requests for LGAO funding are detailed below as Option A and Option B.
Option A: Pinnacle is requesting the City's support for the construction of a mixed-use, mixed-income housing development, consisting of approximately 100 affordable residential units for those earning an average of 60% of the area median income (AMI) along with approximately 2,000 square feet of commercial office space on a 1.67 acre site located on Johnson Street between N. 61st Avenue and State Road 7 immediately adjacent to its planned Pinnacle 441 project site. This project would be Pinnacle 441, Phase II. The f...
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