Miami-Dade Legislative Item
File Number: 121008
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File Number: 121008 File Type: Resolution Status: Adopted
Version: 0 Reference: R-504-12 Control: Board of County Commissioners
File Name: AMEND R#731-10 CHANGE GRANTEE TO AFFORDABLE HOUSING SOLUTION Introduced: 5/17/2012
Requester: NONE Cost: Final Action: 6/5/2012
Agenda Date: 6/5/2012 Agenda Item Number: 11A34
Notes: Title: RESOLUTION AMENDING RESOLUTION NO. R-731-10 TO CHANGE GRANTEE FROM WATERFORD I ASSOCIATES, INC. TO AFFORDABLE HOUSING SOLUTIONS FOR FLORIDA, INC. WITH RESPECT TO GRANT IN AMOUNT OF $10,592,307 FOR DISTRICT 4 FOR DEVELOPMENT OF SEVENTY-TWO AFFORDABLE RENTAL TOWNHOMES AND MID-RISE APARTMENT UNITS FROM BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM PROJECT NUMBER 249 – ‘’PRESERVATION OF AFFORDABLE HOUSING UNITS AND EXPANSION OF HOME OWNERSHIP’’
Indexes: GOB
Sponsors: Sally A. Heyman, Prime Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 6/5/2012 11A34 Adopted P

County Attorney 5/17/2012 Referred

County Attorney 5/17/2012 Assigned Gerald T. Heffernan

Legislative Text


TITLE
RESOLUTION AMENDING RESOLUTION NO. R-731-10 TO CHANGE GRANTEE FROM WATERFORD I ASSOCIATES, INC. TO AFFORDABLE HOUSING SOLUTIONS FOR FLORIDA, INC. WITH RESPECT TO GRANT IN AMOUNT OF $10,592,307 FOR DISTRICT 4 FOR DEVELOPMENT OF SEVENTY-TWO AFFORDABLE RENTAL TOWNHOMES AND MID-RISE APARTMENT UNITS FROM BUILDING BETTER COMMUNITIES GENERAL OBLIGATION BOND PROGRAM PROJECT NUMBER 249 – ‘’PRESERVATION OF AFFORDABLE HOUSING UNITS AND EXPANSION OF HOME OWNERSHIP’’

BODY
WHEREAS, pursuant to Resolution No. 731-10 adopted on July 8, 2010 (the “Allocation Resolution”), this Board approved a District 4 allocation of $10,592,307 (the “Grant”) from Project No. 249–“Preservation of Affordable Housing Units and Expansion of Home Ownership” of the Building Better Communities General Obligation Bond Program (the “BBC Program”) to Waterford I Associates, Ltd. (the “Developer”) to fund all or a portion of the construction of seventy-two (72) affordable rental townhomes and mid-rise apartment units, which will be LEED certified, located in the vicinity of West Dixie Highway and NE 195th St (the “Project”), subject to Board approval of the necessary documents; and
WHEREAS, this Board approved the form, execution and delivery of the related Grant Agreement and Rental Regulatory Agreement, subject to a favorable underwriting report, when it adopted Resolution No. R-237-11 on April 4, 2011; and
WHEREAS, the County has received a favorable underwriting report; and



WHEREAS, this Board wishes to assist the Developer in securing additional financing for the Project by amending the Allocation Resolution to provide that the recipient of the Grant may be Affordable Housing Solutions For Florida, Inc., a not-for-profit Florida corporation, instead of the Developer, provided the Developer remains responsible for the development of the Project,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that Resolution No. R-731-10 adopted on July 8, 2010 is amended to delete Waterford I Associates, Ltd. as Grantee and add Affordable Housing Solutions For Florida, Inc. as Grantee, provided that Waterford I Associates, Ltd. and/or an affiliated entity is responsible for the development of the Project.



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