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CRA approves forgivable loan to SJC Cistrunk project, forgives YMCA loan; SJC adds five deeply affordable units
Summary
The Fort Lauderdale Community Redevelopment Agency approved a $6 million forgivable loan to SJC Cistrunk LLC and authorized forgiveness of a $10 million CRA loan to the YMCA. SJC’s developer added five units targeted at 20% AMI after commission discussion.
At its Feb. 18 meeting the Fort Lauderdale Community Redevelopment Agency board approved a $6 million forgivable loan to SJC Cistrunk LLC for a mixed‑use redevelopment at 801 NW Sixth Street and also approved final forgiveness of a $10 million forgivable loan to the YMCA of South Florida for its earlier redevelopment.
SJC Cistrunk loan: The loan-by CRA is structured as a forgivable development incentive under the CRA’s development incentive program. The developer, Sean Jones, told the board during public comment that he would add five additional affordable apartments to the project — units to be set aside at or below 20% of area median income — increasing the total affordable count from 14 to 19 units in a 21‑unit building. The developer expects the SJC project to close historic blight and provide ground‑floor commercial space.
YMCA loan forgiveness: The CRA board also approved the early forgiveness of the YMCA’s $10 million development incentive loan as of Dec. 31, 2024. The YMCA and staff presented the request to release the note and mortgage in light of completed obligations and to free the organization to move on to its next project. The board approved the final accounting and discharge.
Why it matters: The CRA’s actions are intended to catalyze redevelopment in historically underserved corridors and to preserve or expand affordable housing. The SJC project’s late addition of five units targeted at 20% AMI increases deep affordability in the redevelopment package.
Vote and next steps: The SJC loan resolution passed at CRA and staff will finalize the loan and development agreement language, including a condition in the agreement memorializing the developer’s commitment to demolish a small convenience building on the site before construction and to record affordability and historic‑preservation or other required covenants. The YMCA loan forgiveness resolution was adopted and staff will record the mortgage reconveyance and update CRA records.
