CRA approves forgivable-loan increases for mixed-use affordable housing and a small business
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Summary
The Fort Lauderdale CRA approved two forgivable-loan increases: $475,000 additional funding for VNR Family Enterprises (mixed-use rehab with five affordable units; commission set a 15-year affordability term for the five units) and $26,800 increase to Pleasant Image Distributing Inc. Minutes (M1) were also approved.
The Fort Lauderdale Community Redevelopment Agency board met after the conference meeting and approved two loan increases under the Property and Business Improvement Program.
The board approved a second forgivable-loan increase of $475,000 to VNR Family Enterprises to complete rehabilitation of a 67-year-old mixed-use building that will provide a banquet hall, office and kitchen on the first floor and five affordable rental units on the second floor (four units at 80% AMI and one at 30% AMI). Staff had considered extending the affordability term to 30 years when seeking additional funds but recommended a shorter period given the small unit count; the commission settled on a 15-year affordability period for the five units as an amendment during the discussion. Staff said the developer contributes roughly 23% of project costs (about $369,000), above program minimums.
The board also approved a $26,800 increase to Pleasant Image Distributing Inc.'s forgivable loan, bringing its total to $124,900.
Both items passed unanimous roll-call votes. The board approved meeting minutes for the December 16, 2025 CRA board meeting as well.