Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Committing To Provide A Conditional Local Government Area Of Opportunity (LGAO) Contribution In The Amount Of $640,000.00 In Support Of An Application To The Florida Housing Finance Corporation In Response To Its Request For Applications For Nine Percent (9%) Housing Tax Credits To Support The Development Of New Affordable Housing Units, Subject To The Applicant's Receipt Of Low-Income Housing Tax Credits; And Authorizing The Appropriate City Officials To Execute All Documents Necessary To Effectuate This Resolution.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The Florida Housing Finance Corporation ("FHFC") has issued Request for Applications ("RFA") 2026-202, entitled Housing Credit Financing for Affordable Housing Developments Located in Broward, Duval, Hillsborough, Orange, Palm Beach, and Pinellas Counties, for the allocation of nine percent (9%) Low-Income Housing Tax Credits ("LIHTC") to assist in financing multifamily affordable housing developments.
Three development proposals have been submitted by experienced affordable housing developers who have secured site control within the City and are seeking City support for consideration under the Local Government Area of Opportunity ("LGAO") program:
? Housing Trust Group, LLC ("HTG"):
o HTG is proposing Midtown Residences, a mixed-income multifamily residential community for families consisting of approximately 86 residential units, to be located at 2718, 2720, 2723, 2741, and 2742 Polk Street, in the City of Hollywood, Florida, as more fully described in Option A attached hereto, which consists of two architecturally modern four-story buildings, Midtown I located at 2718-2720-2723 Polk Street and Midtown II located at 2741-2742 Polk Street (together "Midtown Residences"), situated approximately 190 feet apart.
o HTG is proposing a s...
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