Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute A Loan Agreement With Housing Trust Group, LLC, A Florida Limited Liability Company, Or An Affiliated Entity, Committing $1,950,000.00 Of City Interlocal Agreement Funds For The Acquisition Of 1708 North Dixie Highway, Hollywood, Florida, For The Development Of Mosaic Hollywood, An Affordable Housing Development; And Providing For An Effective Date.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The property located at 1708 North Dixie Highway is currently a troubled site. HTG proposes to acquire the property and redevelop it as Mosaic Hollywood, an affordable housing community anticipated to provide approximately 84 affordable housing units serving households at various income levels, including:
10 units at or below 80% AMI
19 units at or below 70% AMI
42 units at or below 60% AMI
13 units at or below 30% AMI
The proposed development will include 77 one-bedroom units and 7 two-bedroom units, ranging from approximately 650 to 897 square feet, with approximately 103 parking spaces and community amenities, including a swimming pool, fitness center, and clubroom. HTG also intends to provide a leasing preference to veterans, subject to applicable program and fair housing requirements.
HTG is requesting $1,950,000.00 in City ILA funds to assist with the acquisition of the Subject Property and facilitate site control. HTG intends to pursue financing through the Florida Housing Finance Corporation ("FHFC") under the applicable FY 2027–28 Request for Applications ("RFA"), as well as other financing necessary to develop the project. The City's commitment is structured as an acquisition loan. A portion of the acquisition loan may also be used to satisfy the City’s $640,000 Local Government Area of Opportunity/Local Government Contribu...
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