Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Committing To Provide A Local Government Areas Of Opportunity Contribution In The Form Of A $640,000.00 Loan In Support Of An Application To The Florida Housing Finance Corporation In Response To Its Request For Applications For 9% Housing Tax Credits To Support The Development Of A Mixed-Income Housing Project In The City To Include A Minimum Of 100 New Affordable Housing Units; Authorizing The Appropriate City Officials To Execute All Documents Necessary To Effectuate The Intent Of This Resolution.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The Florida Housing Finance Corporation has issued a Request for Applications (RFA 2022-202) that will award 9% low-income housing tax credits ("LIHTC") to an eligible development in Broward County that has demonstrated local government support through the commitment of a Local Government Contribution in the amount of $640,000.00 to be provided as either a loan or a grant. This funding will allow a development project to achieve the Local Government Areas of Opportunity ("LGAO") Designation giving the project a greater likelihood of being awarded LIHTC funding. Two development groups, Housing Trust Group, LLC ("HTG") and The NuRock Companies ("NuRock"), 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: HTG is requesting the City's support for the construction of mixed-income apartment community for seniors consisting of approximately 100 affordable residential units for those earning an average of 60% of the area median income ("AMI") on a 0.821-acre site located on the corner of Washington Street and Dixie Highway at 826 South Dixie Highway. The Paramount Place proj...
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