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. Sect...
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