Hollywood Housing Authority Presents New Affordable Housing Options

The Hollywood Commission received a presentation by the Hollywood Housing Authority on potential housing developments during a recent meeting.

Oakwood Hills Park includes three parcels, one is privately owned and two are owned by the City. The parcels are zoned for industrial manufacturing and open space, but the land use does allow for residential use.

The potential development for the parcels includes family or senior affordable housing, family community which would include three stories or under with 70 to 90 units. It could also be developed as a senior community, multi-story midrise with more than 100 units and an elevator.

The City could include land use restrictions requiring affordability levels. The Hollywood Housing Authority (HHA) would co-develop the proposed site with a for profit developer who could provide the required construction completion and operating deficit guaranties. This would enable the HHA and the City to ensure the project will remain affordable and it entitles the HHA and the City to a portion of the developer fees and project cash flows.

The fees earned by the HHA will be utilized to develop or preserve other affordable housing in the City. Affordable housing is generally financed using Low Income Housing Tax Credit equity. Lower rents yield reduced cash flow that is typically insufficient to support conventional financing. The Tax Credits are allocated by Florida Housing Finance Corporation via annual application cycle. Two types of Tax Credits area available, 9 percent and 4 percent used in conjunction with tax-exempt bonds. The 9 percent tax credits usually fund a larger portion of the development.

Another potential development includes 1203 North Federal Highway. The land use allows for transit-oriented development and the surrounding uses on Federal Highway are primarily retail and hotels. This lot could be developed as a small 4 to 6-unit townhouse community. The lot backs up to single family homes and there is no rear alley access. Parking, drainage and setback requirements could reduce the size of the development.

Picture of Author: Amanda Jones
Author: Amanda Jones

Amanda Jones specializes in social media marketing. She holds a Master's degree in Social Media Management from the University of Florida and a Social Media Professional Certificate from the University of Miami.


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