Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Tamarac commission OKs conditional $640,000 loan commitment to bring 90‑unit affordable complex
Summary
The commission voted 5–0 to conditionally commit a $640,000 local loan to HTG Tamarac Terrace LLC to strengthen an application for 9% federal/state tax credits. The developer said the project would include 90 rent‑restricted units with a mix of 30%, 60% and 70% AMI set‑asides and repay the loan from property taxes and project cash flow over 15 years.
The Tamarac City Commission unanimously approved a conditional loan commitment of $640,000 to HTG Tamarac Terrace LLC to support the developer’s application for 9% low‑income housing tax credits administered by the Florida Housing Finance Corporation (FHFC).
Rodrigo Paredes, presenting for the HTG Group, said the proposed six‑story development would contain about 90 rent‑restricted units (14 at 30% AMI, 36 at 60% AMI and 40 at 70% AMI), include limited ground‑floor retail and provide preferences for local employees and certain public‑service categories. Paredes said the project relies on the 9% tax‑credit allocation (roughly $33M of a $45M development cost) and that the city’s conditional local government contribution is necessary to be competitive in the FHFC funding round. "It’s basically investing $640,000 to get $33,000,000 of federal money," he said.
The HTG representative described the loan as low‑risk for the city because it would not be drawn until issuance of a temporary or final certificate of occupancy, would be a 15‑year maturity per state program rules and would be secured by a second mortgage and loan agreement. The developer projected about $1.7 million in property‑tax receipts to the city over 15 years (a rough pro forma) and said the state requires a 15‑year local commitment if awarded tax credits.
Commissioners asked detailed questions about unit mix, affordability levels and the local benefit. Commissioner Crystal Patterson and other commissioners highlighted potential benefits for Tamarac employees, veterans and residents aging out of foster care; Commissioner Wright pressed on market comparables and parking. The commission voted 5–0 to approve a conditional commitment and to authorize staff to finalize documents if FHFC awards the tax credits.
Why it matters: A conditional local loan can determine whether a project receives state tax credits that supply the majority of construction financing. If awarded, the project would add long‑term rent‑restricted units to Tamarac and generate additional property tax revenue during the loan’s 15‑year term.
Next steps: If FHFC selects the project in its August application round, the city would execute a formal loan agreement and the developer expects to draw funds only after the project reaches required construction milestones and certificate issuance.
