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RESOLUTION APPROVING, PURSUANT TO SECTION 17-02 OF THE CODE OF MIAMI-DADE COUNTY: (1) A LOAN TO BROWNSVILLE VILLAGE V, LTD. OR RELATED ENTITY, IN AN AMOUNT NOT TO EXCEED $1,200,000.00 OF DOCUMENTARY STAMP SURTAX PROGRAM FUNDS, FOR DEVELOPMENT OF THE BROWNSVILLE VILLAGE V HOUSING DEVELOPMENT; (2) A LOAN TO NORTHSIDE PROPERTY III, LLC OR RELATED ENTITY, IN AN AMOUNT NOT TO EXCEED $1,000,000.00 OF DOCUMENTARY STAMP SURTAX PROGRAM FUNDS, FOR DEVELOPMENT OF THE NORTHSIDE TRANSIT VILLAGE III HOUSING DEVELOPMENT; AND (3) A LOAN TO PERRINE APARTMENTS II, LTD. OR RELATED ENTITY, IN AN AMOUNT NOT TO EXCEED $1,625,000.00 OF DOCUMENTARY STAMP SURTAX PROGRAM FUNDS, FOR DEVELOPMENT OF THE PERRINE VILLAGE II HOUSING DEVELOPMENT; AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR�S DESIGNEE TO EXECUTE CONDITIONAL LOAN COMMITMENTS AND STANDARD SHELL CONTRACTS, STANDARD SHELL LOAN DOCUMENTS, AMENDMENTS AND OTHER DOCUMENTS OR AGREEMENTS NECESSARY TO ACCOMPLISH THE PURPOSES OF THIS RESOLUTION; AND AUTHORIZING THE COUNTY MAYOR OR COUNTY MAYOR�S DESIGNEE TO SUBORDINATE OR MODIFY THE TERMS OF CONTRACTS, AMENDMENTS AND LOAN DOCUMENTS, AND TO EXERCISE THE TERMINATION, WAIVER, ACCELERATION AND OTHER PROVISIONS THEREIN

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WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum, a copy of which is incorporated herein by reference,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:

Section 1. This Board ratifies and adopts the matters set forth in the accompanying justification memorandum as if fully set forth herein.

Section 2. This Board authorizes, pursuant to the provisions of section 17-02 of the Code of Miami-Dade County, Florida, a loan in an amount not to exceed $1,200,000.00 of Documentary Stamp Surtax Program (SURTAX) funds to Brownsville Village V, Ltd. or related entity, for the development of Brownsville Village V, a planned new construction, 120-unit affordable housing development, located at 5115 NW 29th Avenue, Miami, FL 33142, in Commission District 3 and serving residents with incomes of 80 percent of Area Median Income (AMI) or lower.

Section 3. This Board authorizes, pursuant to the provisions of section 17-02 of the Code of Miami-Dade County, Florida, a loan in an amount not to exceed $1,000,000.00 of SURTAX funds to Northside Property III, LLC or related entity, for the development of Northside Transit Village III, a planned new construction, 200-unit affordable housing development, located at 3180 NW 79th Street, Miami, FL 33147, in Commission District 2 and serving residents with incomes of 70 percent of Area Median Income (AMI) or lower.

Section 4. This Board authorizes, pursuant to the provisions of section 17-02 of the Code of Miami-Dade County, Florida, a loan in an amount not to exceed $1,625,000.00 of SURTAX funds to Perrine Apartments II, Ltd. or related entity, for the development of Perrine Village II, a planned new construction, 150-unit affordable housing development, located at 10060 W Evergreen Street, Miami, FL 33157, in Commission District 9 and serving residents with incomes of 80 percent of Area Median Income (AMI) or lower.


Section 5. This Board authorizes the County Mayor or County Mayor�s designee to execute the conditional loan commitments in substantially the form attached hereto as Exhibits A, B, and C and incorporated herein by reference, standard shell contracts, standard shell loan documents, amendments and other agreements and documents necessary to fulfill the purposes of this resolution.
Section 6. This Board further authorizes the County Mayor or County Mayor�s designee, upon a determination that such actions are in the best interest of the County, to subordinate and/or modify the terms of contracts, amendments, and loan documents so long as such modifications are approved by the County Attorney�s Office and are not substantially inconsistent with this resolution, and exercise the termination, waiver, acceleration, or other provisions set forth therein.

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Date:
To: Honorable Anthony Rodriguez
and Members, Board of County Commissioners

From: Daniella Levine Cava
Mayor

Subject: Resolution Approving a Loan of Prepaid Documentary Stamp Surtax (Surtax) Funds for the Development of Affordable Housing to Brownsville Village V, Ltd. or Related Entity for the Development of Brownsville Village V, and Northside Property III, LLC. or Related Entity for the Development of Northside Transit Village III, and Perrine Apartments II, Ltd. or Related Entity for the Development of Perrine Village II.

STAFF RECOMMENDATION
Executive Summary
The purpose of this item is to seek approval of the Board of County Commissioners (Board) to loan an amount of no more than $3,825,000.00 in Documentary Stamp Surtax funds from a prior completed affordable housing project �Amber Garden, LLC� to three (3) separate affordable housing projects totaling no less than 470 units located in Districts Two (2), Three (3) and Nine (9).

1. $1,200,000.00 to Brownsville Village V, Ltd. or related entity for the development of Brownsville Village V to construct no less than 120 units serving households with an income of 30% area median income (AMI) to 80% AMI.
2. $1,000,000.00 to Northside Property III, LLC. or related entity for the development of Northside Transit Village III to construct no less than 200 units serving households with an income of 30% AMI to 70% AMI.
3. $1,625,000.00 to Perrine Apartments II, Ltd. or related entity for the development of Perrine Village II to construct no less than 150 units serving households with an income of 30% AMI to 80% AMI.

Recommendation
It is recommended that the Board:
1. Allocate $1,200,000.00 of Surtax funds from prepaid loans from a prior completed affordable housing development to Brownsville Village V, Ltd. or Related Entity for the Development of Brownsville Village V; and

2. Allocate $1,000,000.00 of Surtax funds from prepaid loans from a prior completed affordable housing development to Northside Property III, LLC. or Related Entity for the Development of Northside Transit Village III; and

3. Allocate $1,625,000.00 of Surtax funds from prepaid loans from a prior completed affordable housing development to Perrine Apartments II, Ltd. or Related Entity for the Development of Perrine Village II; and

4. Authorize the County Mayor or the County Mayor�s designee to execute the conditional loan commitment, standard shell contracts, agreements, loan documents, and amendments necessary to accomplish the purposes set forth in this resolution; and

5. Authorize the County Mayor or County Mayor�s designee, upon a determination that such actions are in the best interest of the County, to subordinate and/or modify the terms of contracts, amendments, and loan documents so long as such modifications are approved by the County Attorney�s Office as to form and legal sufficiency and are not substantially inconsistent with this resolution and to exercise the termination, waiver, acceleration, or other provisions in said agreements and documents.

Scope
Brownsville Village V will consist of the new construction of 120 units serving households earning 30% to 80% AMI in Unincorporated Miami-Dade County, located at 5115 NW 29th Avenue, Miami, FL 33142, in Commission District 3, represented by Commissioner Keon Hardemon. The development will consist of 28 studio units and 92 one-bedroom units for a total of 120 units. The development will provide 20 units at 30% AMI, 70 units at 60% AMI, and 30 units at 80% AMI.

Northside Transit Village III will consist of the new construction of 200 units serving households earning 30% to 70% AMI in Unincorporated Miami-Dade County, located at 3180 NW 79th Street, Miami, FL 33147, in Commission District 2, represented by Commissioner Marleine Bastien. The development will consist of 50 studio units and 150 one-bedroom units for a total of 200 units. The development will provide 32 units at 30% AMI, 72 units at 60% AMI, and 96 units at 70% AMI.

Perrine Village II will consist of the new construction of 150 units serving households earning 30% to 80% AMI in Unincorporated Miami-Dade County, located at 10060 W Evergreen Street, Miami, FL 33157, in Commission District 9, represented by Vice Chairman Kionne L. McGhee. The development will consist of 116 studio units, 12 one-bedroom units, and 22 two-bedroom units for a total of 150 units. The development will provide 45 units at 30% AMI, 5 units at 40% AMI, 1 unit at 50% AMI, 5 units at 60% AMI, 42 units at 70% AMI, and 52 units at 80% AMI. Table 2 below further details 2025 AMI limits.

Delegation of Authority
This item requests a delegation of authority to the County Mayor or the County Mayor�s designee to: (1) execute conditional loan commitments, standard shell contracts, agreements, loan documents, and amendments necessary to accomplish the purposes set forth in this legislation; (2) upon a determination that such actions are in the best interest of the County, subordinate and/or modify the terms of contracts, amendments, and loan documents so long as such modifications are approved by the County Attorney�s Office as to form and legal sufficiency and are not substantially inconsistent with this resolution; and (3) to exercise termination, waiver, acceleration, and other provisions in said agreements and documents.

Fiscal Impact/Funding Source
This item will not have a negative impact on the County�s General Fund. This item is allocating prepaid Surtax funds to Brownsville Village V, Ltd. or Related Entity for the Development of Brownsville Village V, and Northside Property III, LLC. or Related Entity for the development of Northside Transit Village III, and Perrine Apartments II, Ltd. or Related Entity for the development of Perrine Village II. The reallocated Surtax funds will continue to be subject to the Surtax program regulations.

Track Record/Monitoring
The developments will be monitored by Nathan Kogon, AICP, Director, Department of Housing and Community Development (HCD).

Background
On January 24, 2006, FY2006 Surtax funds in the amount of $250,000.00 were awarded to Amber Garden, LLC. through Resolution No. R-131-06 for the development of Amber Garden. On January 25, 2007, Amber Garden received FY2007 Surtax funds in the amount of $3,575,000.00 through Resolution No. R-32-07. Both awards were issued under one loan number (Loan# 36110) for the development of Amber Garden, a 104-unit affordable housing project located at 1301 NW 23rd Street, Miami, FL 33142. The maturity date of the loan was October 1, 2037.

Table 1.
Loan # Project Name Funding Source Original Loan Amount Maturity Date Pay-Off Amount Pay-Off Date
36110 Amber Garden SURTAX $3,825,000.00 12/31/2037 $3,825,000.00 9/15/2025
Table 1. HCD Loan Details.

On September 17, 2025, Miami-Dade County HCD received a formal Surtax redeployment request from Kenneth Naylor, Vice President Atlantic Pacific Companies, the managing partner of Amber Garden, LLC. to redeploy the aforementioned loaned funds to three (3) separate affordable housing projects; 1) Brownsville Village V, Ltd. for the Development of Brownsville Village V, 2) Northside Property III, LLC. for the Development of Northside Transit Village III, and 3) Perrine Apartments II, Ltd. for the Development of Perrine Village II. A copy of the Applicant�s letters are attached hereto as Attachment 1 and incorporated herein by reference. The Borrower subsequently repaid the loan in full on September 15, 2025, as summarized above in Table 1. These funds may be redeployed in accordance with Section 17-02 of the code.

This item recommends that the Board approve $3,825,000.00 of Surtax funds to support the new construction of three (3) separate affordable housing projects; 1) Brownsville Village V, 2) Northside Transit Village III, and 3) Perrine Village II. The prepaid loan program is designed to expedite the development of affordable housing projects by making those previously awarded funds available again for new projects. Upon approval of this item, three (3) separate conditional loan commitments that are substantially consistent with Exhibits A, B, and C to the resolution will be issued to 1) Brownsville Village V, Ltd. or Related Entity for the Development of Brownsville Village V, in the amount of $1,200,000.00 and 2) Northside Property III, LLC. or Related Entity for the Development of Northside Transit Village III, in the amount of $1,000,000.00 and 3) Perrine Apartments II, Ltd. or Related Entity for the Development of Perrine Village II, in the amount of $1,625,000.00.

The new loan will be subject to a full credit underwriting analysis, including subsidy layering review. The project must receive a favorable recommendation and show firm written financing commitments for the total development costs, all prior to the financial closing of the loan approved herein for the release of loaned funds. The loan shall be subject to those terms issued in accordance with Section 17-02 of the Code of Miami-Dade County, Florida, and as set forth in the FY 2025 Surtax Request for Applications (RFA), subject to be changed by the County Mayor or County Mayor�s designee based on credit underwriting analysis.
Table 2.
2025 Income limits for Miami Dade County (Median: 87,200)

Income Category Household Size
1 2 3 4 5 6 7 8 9 10
30% 26,050 29,750 33,450 37,150 40,150 43,150 48,650 54,150 Refer to HUD
50% 43,400 49,550 55,750 61,950 66,950 71,900 76,850 81,800 86,730 91,686
80% 69,400 79,300 89,200 99,100 107,050 115,000 122,900 130,850 138,768 146,698
120% 104,160 118,920 133,800 148,680 160,680 172,560 184,440 196,320 208,152 220,046
140% 121,520 138,740 156,100 173,460 187,460 201,320 215,180 229,040 242,844 256,721
Table 2. 2025 Florida Housing Finance Corporation Income Limits.




________________________________
Jimmy Morales
Chief Operating Officer


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