Title
MOTION TO ADOPT PROPOSED RESOLUTION NO. 2026-R-18.
PROPOSED RESOLUTION NO. 2026-R-18 IS A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA APPROVING A CONDITIONAL LOAN COMMITMENT TO PARTIALLY FINANCE THE DEVELOPMENT OF THE 1600 BUILDING SITE PLAN; AUTHORIZING AND DIRECTING THE CITY MANAGER OR DESIGNEE TO EXECUTE FLORIDA HOUSING FINANCE CORPORATION’S LOCAL GOVERNMENT VERIFICATION OF CONTRIBUTION LOAN FORM; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Elizabeth Somerstein, agent for Housing Trust Group, proposes to build a previously approved multifamily development of 80 apartment units for affordable rental housing known as the 1600 Building site plan with restrictions on the incomes and rents on the parcel.
2. The 1600 building site plan was originally approved by City Commission on June 6, 2018, and was never built. The applicant plans to repurpose this plan as part of their proposal.
3. The original 1600 plan contemplated 8 affordable units and 72 market rental units. The applicant's intent is to make all 80 units affordable (70% AMI or less).
4. The applicant intends to submit an application to the Florida Housing Finance Corporation (FHFC) for Competitive 9% Housing Credits for the project during the next application cycle.
5. The applicant is requesting City support for the application through a conditional loan commitment of $640,000, the loan commitment is considered “Local Government Area of Opportunity Funding".
6. The City's commitment to the project will provide support to the applicant during the application process with FHFC.
7. Terms of the loan commitment will be determined at a later date including, but not limited to, rate, term, or project specific items.
8. The City currently has funds available in the Affordable Housing Fund to fully accommodate this request.
9. Section 158.03 (B) of the City Code of Ordinances states that the City Commission may from time to time by resolution authorize additional programs which may be funded through the Affordable Housing Fund.
10. Passage of proposed resolution No. 2026-R-18 will authorize the City Manager's timely execution of the appropriate documents for applicants FHFC housing credits application.
11. Staff has attached the applicant's request letter and presentation with conceptual site plan. Any proposed updates to the previously approved site plan by the developer are subject to future city approvals.
12. Administration recommends approval of proposed resolution No. 2026-R-18.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: $640,000
b) Amount budgeted for this item in Account No: 001-000-000-220022 Affordable Housing Fund
c) Source of funding for difference, if not fully budgeted: Not Applicable
d) 5 year projection of the operational cost of the project: Not Applicable
e) Detail of additional staff requirements: Not Applicable.
FEASIBILITY REVIEW:
A feasibility review is required for the award, renewal and/or expiration of all function sourcing contracts. This analysis is to determine the financial effectiveness of function sourcing services.
a) Was a Feasibility Review/Cost Analysis of Out-Sourcing vs. In-House Labor Conducted for this service? Not Applicable.
b) If Yes, what is the total cost or total savings of utilizing Out-Sourcing vs. In-House Labor for this service? Not Applicable.