Developer asks Plantation CRA for $700,000 local match to build ~75 affordable units, seeks 30-year affordability

Mitch Rosenstein, principal and cofounder of Green Hills Group, asked the City of Plantation Community Redevelopment Agency on Feb. 26 to commit $700,000 as a local government match to support development of at least 75 affordable housing units in the CRA district.

Rosenstein told the CRA the developer would cap most units at 80% of area median income (AMI), allow up to 20% of units at up to 120% AMI for flexibility, and commit to a minimum 30‑year affordability covenant (and said he would accept a 50‑year covenant if required by the state agency). He said the request is for a 0% interest, 30‑year loan with potential forgiveness at the end of the affordability period if covenants are honored.

The commitment, Rosenstein said, is intended to serve as the “local government area of opportunity” (LGA) match when applying to the Florida Housing Finance Corporation for low‑income housing tax credit and other state subsidies. He said the city would hold a first lien on the property once it is zoned for multifamily development and, at financial closing with larger construction and conventional debt, the municipal contribution would customarily move to a subordinate lien tied to recorded affordability…