Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving A Loan Commitment In An Amount Not To Exceed $1,878,357.77, Consisting Of $1,243,357.77 In Neighborhood Stabilization Program Funds, $135,000.00 In Home Program Funds, And $500,000.00 In Home Program Income Funds, For The Redevelopment Of The Hollywood Village Affordable Housing Development Into The Hollywood Vista Affordable Housing Development.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
In 2010, the City provided $2,005,000.00 in federal funding assistance to support the Hollywood Housing Authority's ("HHA") acquisition and preservation of Hollywood Village, a 29-unit affordable housing development located at 1735 Lincoln Street, Hollywood, Florida. The funding consisted of Neighborhood Stabilization Program ("NSP") funds and HOME Program funds and was secured through loan agreements, affordability restrictions, and applicable federal requirements.
Beginning in late 2021, significant structural deficiencies were identified at Hollywood Village. In June 2023, the City's Building Department determined that the property was unsafe and required the building to be vacated. Resident relocation activities were completed in accordance with applicable federal relocation requirements. Due to the extent of the structural deficiencies, rehabilitation of the existing property was determined to be financially infeasible. The City, HHA, and Housing Trust Group ("HTG") developed a redevelopment strategy to transform Hollywood Village into Hollywood Vista, a new 118-unit affordable housing community. HTG has been awarded State Apartment Incentive Loan ("SAIL") funding through the Florida Housing Finance Corporation's Request for Applications (RFA) 2025-213 and is currently progressing through the credit underwriting and construction closing process.
As part of the redevelopment financing struc...
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