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Commission approves waiver of right of first refusal tied to 25 workforce-housing units; lender will preserve restrictions in foreclosure
Summary
The commission approved a waiver of the county's right of first refusal under a workforce-housing covenant for a multifamily development, allowing refinancing while preserving the covenant's restrictions in the event of foreclosure; motion carried 6-0.
The Palm Beach County Board of County Commissioners voted 6-0 to approve a staff-recommended waiver of the county's right of first refusal under a workforce-housing covenant for a multifamily development, preserving 25 units of workforce housing as part of a lender-requested refinancing arrangement.
Staff, speaking through the assistant county attorney, explained that the lender requested the…
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