Draft Framework — For Discussion Purposes Only

Broward County Affordable Housing Initiative.

A public-private framework for workforce and affordable housing development. Layered capital stack. Tax-advantaged returns. Permanent affordability through Community Land Trust structure.

March 2026
Broward County, Florida
Confidential
Glossary
01 — Executive Summary

The opportunity is structural.

Broward County faces one of the most acute housing affordability crises in the United States. A convergence of expiring CRA districts, incoming Opportunity Zone 2.0 designations, and $72M+ in redirected TIF funding creates a rare window for a transformative public-private housing program.

0%
Cannot afford
median home
0%
Renter households
cost-burdened
+0%
Median home price
since 2020
$0
Average monthly
market rent
The Gap

An affordable rent threshold for low-to-moderate income households is $919 per month — a gap of $1,584 every month against market rates. This is not just a social issue. It is an economic competitiveness crisis.

02 — The Housing Crisis

Broward by the numbers.

The scale of Broward's housing gap demands immediate, coordinated action across every level of government and the private sector.

Metric Data Point Implication
Median home price increase since 2020 +67% Homeownership out of reach for most
Average market rent $2,500/mo Far exceeds workforce budgets
Affordable rent threshold (LMI) $919/mo $1,584/month gap per household
Cost-burdened renter households ~62% Majority spending 30%+ on rent
Residents who cannot afford median home 93% Near-universal workforce housing need
Tourism / hospitality workforce Significant Sector most impacted by housing gap
Economic Impact

The Greater Fort Lauderdale Chamber of Commerce has noted that Broward is engaged in "an all-out war for talent" — a war it risks losing if workforce housing is not addressed at scale.

03 — The Program Framework

The capital stack —
how it works.

An integrated capital stack where multiple funding sources layer on top of each other, maximizing both the scale of housing produced and the financial return for private investors.

01
Private Capital
UHNW Family Offices / QOF Investors
Acquire land; hold as long-term generational asset on the family balance sheet.
02
Federal Incentives
LIHTC, OZ/QOF, NMTC, HUD, HOME
Tax credits and grants offset development cost — reducing effective cost of capital toward zero.
03
State Programs
SAIL, SHIP (Florida)
Subordinate loans and gap financing from State Housing Initiatives Partnership and State Apartment Incentive Loan programs.
04
County / City
TIF Trust Fund, Impact Fee Waivers, Land Disposition
Public land access plus $72M+ in redirected CRA funds from expiring Tax Increment Finance districts.
05
CLT Structure
Community Land Trust Entity
Land held permanently by the trust; units sold or rented separately. Locks in affordability while land appreciates.
04 — Investor Value Proposition

Tax-advantaged
generational asset.

For ultra-high-net-worth investors and family offices, this program is structured as a long-term tax-advantaged asset — not a short-term yield play.

Tax Tool Benefit Time Horizon
Qualified Opportunity Fund (QOF) Defer and eliminate capital gains tax on appreciation 10+ year hold
Low-Income Housing Tax Credit (LIHTC) Dollar-for-dollar federal tax credit over 10 years 10 years
New Markets Tax Credit (NMTC) 39% credit on qualified equity investment 7 years
1031 Exchange into Fund Roll property sale proceeds, defer capital gains Ongoing
Family Limited Partnership (FLP) Generational asset transfer with valuation discounts Multi-generational
Charitable Lead / Remainder Trust Deduction now; asset passes to heirs later Estate planning
Key Insight

The land itself — held by the family office entity or CLT — appreciates over time as a balance sheet asset, independent of the affordable housing restriction on the units. This is the generational wealth mechanism.

05 — Ownership Model

Community Land Trust —
permanent affordability.

The CLT structure solves the core tension between investor returns and permanent affordability by separating land ownership from unit ownership.

Land Ownership — Investor / CLT

The CLT or family office-controlled entity owns the land in perpetuity. The land never re-enters the speculative market. The family office retains a long-term appreciating land asset on the family balance sheet. A third-party property management company maintains all units to current living standards.

Unit Ownership — Residents

Residents and buyers own their individual units as condominiums or homes. When a unit is sold, appreciation is shared between the seller and the CLT, keeping the unit affordable for the next buyer. This creates a real ownership path for workforce families while preserving affordability permanently.

Explore

Condominium ownership within a CLT structure — where residents own units but land rights remain with the trust — is a model worth testing in Broward. This could open the program to seasonal and part-time residents as well as full-time workforce tenants.

06 — Target Geography

OZ + CRA overlap —
18 tracts in Broward.

The land acquisition strategy focuses on the intersection of active Opportunity Zone census tracts, expiring CRA districts, and municipal surplus land under Florida Statute 166.0451.

Fort Lauderdale

7 OZ Tracts

Active CRA (NW-Progresso-Flagler + Central City). Highest OZ density in the county.

Lauderdale Lakes

4 OZ Tracts

High OZ density. Workforce and LMI population. Phasing CRA presents acquisition window.

Hollywood

1 OZ Tract

Active Beach + Downtown CRA. Tourism and hospitality workforce hub.

Hallandale Beach

2 OZ Tracts

Active CRA. Miami border growth corridor with strong demand dynamics.

Lauderhill

2 OZ Tracts

2 active OZ tracts with affordable land availability and strong community need.

Dania Beach

1 OZ Tract

Airport corridor with strong workforce housing demand from FLL operations.

OZ 2.0 — Critical Timing

The current OZ 1.0 program expires at end of 2028. A new OZ 2.0 designation round opens July 1, 2026, with new tracts taking effect January 1, 2027. Partners already engaged with Broward County officials can advocate for OZ 2.0 nomination of target parcels. Florida has 1,360 census tracts eligible for OZ 2.0 — the map may expand significantly in Broward.

07 — Government Partnership Strategy

Four tiers of
public capital.

Every level of government has tax authority, incentive programs, and institutional motivation to participate in this framework.

Federal

  • LIHTC — Primary federal tool; dollar-for-dollar credit over 10 years
  • QOF / OZ — Capital gains deferral and elimination
  • NMTC — For mixed-use/commercial components
  • HUD HOME — Gap financing for affordable units
  • CDBG — Infrastructure and community facilities

State of Florida

  • SAIL — Subordinate loans for affordable multifamily
  • SHIP — Homeownership and rental assistance
  • FHFC — Administers LIHTC allocations statewide

Broward County

  • Housing Trust Fund — $72M+ from expiring CRA TIF redirections through FY2032
  • Land Disposition — County-owned surplus parcels for affordable development
  • CRA Phase-Out — Redirecting expiring TIF toward housing
  • Incentives — Impact fee waivers and density bonuses

Municipal (City-by-City)

  • FL Statute 166.0451 — Surplus land inventory for affordable housing
  • Density Bonuses — Additional units for affordability commitments
  • Expedited Permitting — Fast-track affordable housing projects
  • Parcel Access — Direct land transfer or long-term ground lease
08 — The Banking Layer

The Circle of Life —
perpetual reinvestment.

Private banking relationships become the engine that makes the entire capital stack self-sustaining — not a one-time transaction, but a perpetual reinvestment cycle.

Leverage Private Banking Relationship

UHNW family office engages existing relationship with JPMorgan, Goldman, Citi, Wells, or BofA Private Bank.

Bank Provides Acquisition + Construction Loan

Secured against CLT land asset. Low LTV risk for the bank. CRA-motivated, below-market interest rate.

LIHTC Equity Bridge Loan

Bank advances credit investor equity before final pay-in, filling the construction-period gap.

Federal + State Incentives Layered In

LIHTC, OZ, HOME, SAIL reduce effective cost of capital to near zero.

Development Completes

Units rented or sold. Rental income and/or condo proceeds begin servicing debt.

Permanent HUD 221(d)(4) Loan Replaces Construction Debt

Non-recourse, 40-year FHA-insured mortgage locks in a low fixed rate for the life of the asset.

Land Asset Appreciates

CLT land held by family entity grows in value independent of unit affordability restrictions.

Family Office Refinances — Pulls Equity

Cash-out refinance or recapitalization at higher land valuation frees capital for redeployment.

Equity Redeployed into Next Acquisition

New OZ tract, new parcel, new development. The cycle restarts — permanently.

CRA Mandate — Why Banks Need This Deal

Under the Community Reinvestment Act, every major bank is graded by federal regulators on how well it deploys capital in low-to-moderate income communities. A poor CRA rating can block a bank's mergers, acquisitions, and expansion plans. They are not doing you a favor — they need your deal. CRA-motivated loans come at below-market interest rates, and banks can simultaneously provide the loan and invest as LIHTC equity buyers.

Banking Tool Function CRA Value to Bank
Construction-to-Perm Loan Finances the build; converts to permanent mortgage at CO High
LIHTC Equity Bridge Loan Advances tax credit equity before investor pays in full High
Land Acquisition Loan Secured against CLT land; low risk, predictable collateral Medium
LIHTC Tax Credit Investment Bank buys credits directly — dollar-for-dollar tax offset Very High
HUD 221(d)(4) Permanent Debt FHA-insured 40-year non-recourse multifamily loan High
Syndication Services Syndicates LIHTC credits to corporate investors; earns fee High
The Ideal Structure

In the ideal structure, the same private bank provides the acquisition loan, syndicates the LIHTC credits to corporate buyers, and holds the permanent debt — earning fee income at every stage while maximizing its CRA rating. The bank wins. The family office wins. Residents win. The county wins. No one is doing charity.

09 — Proof of Concept

BPHI Project 717 —
already executed.

Seven on Seventh — Completed

Broward Partnership for the Homeless (BPHI) has already demonstrated this model works in this exact market. Seven on Seventh is a completed 77-unit mixed-use affordable development in the NW-Progresso CRA — fully stabilized, construction loan repaid, and workforce training hub operational.

77 Units Built
95%+ Stabilized Occupancy
Debt Free — Loan Repaid
Active Workforce Training Hub

Execution Track Record

Construction financing fully repaid. CRA Streetscape forgivable loan closed. Multiple subordinate financing sources closed and deployed. Commercial space leased and activated as a workforce training hub serving the NW-Progresso community.

Next Project: Aspire 1650

BPHI's second development — Aspire 1650 in Pompano Beach — is already in the FHFC pipeline under RFA 2025-103 (Housing Credit and SAIL Financing to Develop Housing for Homeless Persons). 90 units, Phase 1. Construction targeted for 2026–2027. Learn more at bphi.org.

10 — Sample Deal Model

Project Cypress —
the numbers.

A hypothetical 80-unit mixed-use development in a Fort Lauderdale Opportunity Zone tract, modeled on the BPHI Project 717 proof of concept. All assumptions are sourced and defensible.

Project Overview

Parameter Assumption Basis
Location Fort Lauderdale OZ Tract Densest OZ concentration in Broward County
Site 1.2 acres County surplus parcel under FL Statute 166.0451
Land Acquisition Cost $1,800,000 $34/SF; discounted county surplus disposition price
Unit Count 80 units Comparable to proven 717 project (77 units)
Unit Mix 48 x 1BR · 24 x 2BR · 8 x 3BR Reflects Broward workforce demand profile
Total Residential SF 57,600 SF 1BR: 600 SF · 2BR: 850 SF · 3BR: 1,100 SF
Commercial / Ground Floor 4,000 SF Mixed-use retail per 717 model
Construction Type 5-story wood-frame over concrete podium Type III-A; cost-optimized for South Florida flood zones
Parking 80 spaces 1:1 ratio per Broward zoning; structured podium

Development Budget

Line Item Cost Per Unit Notes
Land Acquisition $1,800,000 $22,500 County surplus disposition, below market
Hard Costs (Construction) $16,800,000 $210,000 $273/SF all-in; RS Means 2025 South FL data + 5% escalation
Soft Costs (A&E, Legal, Permits) $2,520,000 $31,500 15% of hard costs; standard with LIHTC compliance
Developer Fee $1,680,000 $21,000 10% of hard costs; FHFC-compliant cap
Financing Costs $1,200,000 $15,000 18-month construction at ~6.5% avg outstanding
Reserves $500,000 $6,250 6-month operating + $300/unit/yr replacement (FHFC)
Total Development Cost $24,500,000 $306,250

Capital Stack — Sources

LIHTC Equity $10.78M · 44%
QOF $5.4M · 22%
FHA Debt $4.9M · 20%
State $1.62M
County $1.8M
Source Amount % of TDC Terms / Mechanism
LIHTC Equity $10,780,000 44% 9% credit, 10-year period. Priced at $0.92/credit. Annual credit ~$2.01M.
Private Capital (QOF) $5,400,000 22% Family office via Qualified Opportunity Fund. 10-year hold = tax-free appreciation. 6% pref return.
Permanent Debt — FHA 221(d)(4) $4,900,000 20% 40-year fully amortizing, non-recourse, ~5.25% fixed. 1.15x DSCR minimum.
State Programs (SAIL + SHIP) $1,620,000 7% SAIL: $1.2M subordinate at 0%, 50-year, cash-flow contingent. SHIP: $420K grant.
County / City Contributions $1,800,000 7% Land at cost + ~$400K impact fee waiver + ~$200K carry savings.
Total Sources $24,500,000 100%

Stabilized Operating Pro Forma — Year 1

Line Item Annual Per Unit / Mo Notes
Gross Potential Rent $1,382,400 $1,440 avg 60% AMI: 1BR $1,250 · 2BR $1,550 · 3BR $1,850
Vacancy & Collection Loss ($96,768) 7% — conservative for affordable w/ waitlist demand
Other Income $72,000 $4K/mo commercial + $2K/mo ancillary
Effective Gross Income $1,357,632
Operating Expenses ($520,000) $6,500/unit Management 6%, insurance, taxes (LIHTC abated), maintenance
Net Operating Income $837,632
Debt Service — FHA 221(d)(4) ($328,440) $4.9M at 5.25%, 40-yr amortization
Cash Flow After Debt Service $509,192 DSCR: 2.55x (well above 1.15x minimum)
11 — Investor Return Summary

Three return streams —
one compounding asset.

The UHNW investor receives returns through three independent channels, each operating on a different time horizon. Combined, they produce institutional-grade after-tax performance.

12–15%
Blended After-Tax
IRR (10-Year)
9.4%
Cash-on-Cash
Return
~0%
Effective Tax Rate
on Deployed Capital

Stream 1: LIHTC Tax Credits

Total 10-year LIHTC credits: $20.1M face value. Investor cost for credits: $10.78M at $0.92 pricing. Net tax benefit: $9.32M over 10 years. Effective annual yield on LIHTC equity: ~8.6% tax-equivalent.

Stream 2: QOF / Opportunity Zone

$5.4M invested through QOF. Capital gains deferred years 1–10, then all appreciation is tax-free. Projected tax-free gain at Year 10: $2.1M–$2.8M. 6% preferred return = $324K/year cash distributions.

Stream 3: Cash Flow + Land Appreciation

Annual cash flow after debt service: $509K. Land value appreciation (CLT-held): $1.8M basis projected to $2.8–$3.2M at Year 15. Generational transfer via FLP at discounted valuation.

Combined 10-Year Return

Total capital deployed: $16.18M (LIHTC + QOF). Total credits received: $20.1M. Total cash distributions: $5.09M. Tax-free OZ appreciation: $2.1–$2.8M. Land asset value: $2.5–$2.8M.

Sensitivity Analysis

Scenario Change Cash-on-Cash IRR
Base Case As modeled 9.4% 12–15%
15% Construction Overrun +$2.52M hard costs 7.1% 10–12%
10% Rent Reduction -$138K revenue 6.9% 10–11%
OZ 2.0 Portfolio Expansion Additional parcels at similar basis 9.4% 12–15%
12 — Deal Model II

USPS-Alridge Station —
the real deal.

A 320-unit mixed-use affordable housing development on the 3.02-acre USPS Post Office site at 400 NW 7th Avenue, Fort Lauderdale. This is not hypothetical — architectural pre-design is complete, the term sheet is in negotiation, and the site is in the NW-Progresso CRA with a confirmed extension through 2035.

Glavovic Studio — Pre-Design Concepts — February 4, 2026 USPS-Alridge Station Affordable Housing Pre-Design — Option I Central Garage — 320 Units — Glavovic Studio 2026

Option I — Central Garage configuration. 320 units (230 x 1BR, 68 x 2BR, 22 x 3BR). 332 parking spaces across 6-level structured garage. 26,742 SF commercial/amenity. 500,448 SF total. Post office retained on ground floor.

View Both Options (PDF) →

Site & Entitlement Details

Parameter Detail Source / Date
Address 400 NW 7th Avenue, Fort Lauderdale, FL 33311 CRA Board Minutes, Feb 10, 2026
Site Size 3.02 acres / 131,679 SF CRA Board Minutes, Feb 10, 2026
Current Use US Post Office (15,198 SF building) Existing conditions
USPS Lease Expiration November 2027 Lease agreement (effective Dec 6, 1997)
Owner City of Fort Lauderdale (acquired with $1.8M CDBG + $1.85M construction) CRA Board Minutes, Feb 10, 2026
Transfer Path City → CRA → Broward Partnership (at reduced or no cost) CRA Public Record, Feb 2026
Fair Market Value $10M+ ($75–$100/SF) Bob Wojcik, CRA Housing Mgr, Feb 2026
Zoning NWRAC-MUE (NW Regional Activity Center Mixed Use East) City zoning records
Density Unlimited DU / acre NWRAC-MUE regulations
CRA Extension Through November 7, 2035 (ILA signed May 20, 2025) Interlocal Agreement, May 2025
Adjacent Broward Health (250 NW 7th Ave), New River Child Care (120 NW 7th Ave) Legal description
Architect Glavovic Studio (pre-design complete Feb 2026) Architectural concepts, Feb 4, 2026
Proposed Terms — Per CRA Public Discussion (February 2026)

Minimum 250 multifamily apartment units. At least 50% of units reserved for households at or below 60% AMI. Project may be developed in phases. 10-year reverter clause for building permits. Developer may transfer to affiliated entity or joint venture. Bi-annual progress reporting to CRA.

Unit Schedule — Glavovic Option I (Central Garage)

Type Unit SF Count Total SF % of Units
1 Bedroom 675 SF 230 155,250 SF 72%
2 Bedroom 1,013 SF 68 68,884 SF 21%
3 Bedroom 1,350 SF 22 29,700 SF 7%
Total Residential 320 253,834 SF 100%
Building Component Area (SF) Notes
Residential (6 levels) 329,658 SF Levels 1–6 residential
Commercial / Amenity (3 levels) 26,742 SF Post office + ground floor active uses + amenity
Structured Parking (6 levels) 144,048 SF 332 spaces (1.04:1 ratio)
Total Gross SF 500,448 SF

Development Budget

Line Item Cost Per Unit Notes
Land Acquisition $0 $0 CRA conveyance at no cost; $10M+ value contributed as development incentive
Hard Costs (Construction) $72,000,000 $225,000 $144/SF on 500K GSF; includes structured parking. RS Means 2026 South FL.
Soft Costs (A&E, Legal, Permits) $10,800,000 $33,750 15% of hard costs; LIHTC compliance + HUD Change of Use process
Developer Fee $7,200,000 $22,500 10% of hard costs; split between BPHI and development partner per 7 on 7th model
Financing Costs $5,400,000 $16,875 24-month construction at ~6.5% avg outstanding balance
Reserves $1,600,000 $5,000 6-month operating + $300/unit/yr replacement reserve (FHFC requirement)
Total Development Cost $97,000,000 $303,125

Capital Stack — Sources

LIHTC Equity $40.7M · 42%
QOF $20.4M · 21%
FHA Debt $20.4M · 21%
State $7.7M · 8%
CRA/City $7.8M · 8%
Source Amount % of TDC Terms / Mechanism
LIHTC Equity (9% credits) $40,700,000 42% 10-year credit period. Priced at $0.92/credit. Phased with 4% credits if needed for scale.
Private Capital (QOF) $20,400,000 21% UHNW family office via Qualified Opportunity Fund. 10-year hold = tax-free appreciation. 6% pref.
Permanent Debt — FHA 221(d)(4) $20,400,000 21% 40-year fully amortizing, non-recourse, ~5.25% fixed. 1.15x DSCR minimum.
State Programs (SAIL + SHIP) $7,700,000 8% SAIL subordinate at 0%, 50-year, cash-flow contingent. SHIP county allocation.
CRA / City Contributions $7,800,000 8% Land value ($10M+) conveyed as incentive + impact fee waivers + CRA streetscape funds. Modeled on 7 on 7th precedent ($285K forgivable loan).
Total Sources $97,000,000 100%

Stabilized Operating Pro Forma — Year 1

Line Item Annual Per Unit / Mo Notes
Gross Potential Rent $5,260,800 $1,370 avg 60% AMI: 1BR $1,250 · 2BR $1,550 · 3BR $1,850. 50%+ at 60% AMI per term sheet.
Vacancy & Collection Loss ($368,256) 7% — conservative for affordable with waitlist demand. 7 on 7th achieved 95%+ stabilization.
Other Income (commercial, parking, ancillary) $360,000 26,742 SF commercial at $13.50/SF + parking + laundry
Effective Gross Income $5,252,544
Operating Expenses ($2,080,000) $6,500/unit Management 6%, insurance, taxes (LIHTC abated), maintenance, reserves
Net Operating Income $3,172,544
Debt Service — FHA 221(d)(4) ($1,365,360) $20.4M at 5.25%, 40-yr amortization
Cash Flow After Debt Service $1,807,184 DSCR: 2.32x (well above 1.15x minimum)
12B — USPS-Alridge Investor Returns

$10M+ in contributed land.
Zero acquisition cost.

Because the CRA can convey the land at reduced or no cost, the entire $10M+ land value becomes a balance sheet asset for the investor from day one — an immediate equity position with no capital outlay for the parcel itself.

14–18%
Blended After-Tax
IRR (10-Year)
8.9%
Cash-on-Cash
Return
$10M+
Contributed Land
Value (Day One Equity)

Why This Deal Is Different

Unlike the hypothetical Project Cypress, this is a real site with pre-design complete, a term sheet under negotiation, an architect engaged (Glavovic Studio), and a developer with a completed project in this exact market (Seven on Seventh). The CRA extension through 2035 provides a decade-long runway for execution and partnership.

Combined 10-Year Return

Total capital deployed: $61.1M (LIHTC + QOF). Total credits received: ~$80M face value. Total cash distributions: $18.07M. Tax-free OZ appreciation: $8–$10M. Land asset value at Year 10: $14–$16M (3–4% annual appreciation on $10M+ contributed basis).

Proven Execution Model

Broward Partnership completed Seven on Seventh in this exact CRA district — 77 units, construction financing fully repaid, stabilized occupancy achieved, CRA partnership executed, and workforce training hub operational. The 400 NW 7th Ave project applies the same playbook at 4x scale with an established team, an engaged architect, and active government partnership.

12 — Target Populations

Who this serves.

The program is designed to serve multiple resident populations simultaneously within a single mixed-income development model.

Population Profile Housing Need
Workforce / Hourly Tourism, hospitality, service industry employees Affordable rental; proximity to jobs
Middle Income Young professionals, teachers, healthcare workers Workforce ownership; CLT condo model
Seasonal / Part-Time Snowbirds, secondary residence buyers Part-time condo ownership in CLT structure
LMI / Vulnerable Low-to-moderate income households Deeply subsidized rental; LIHTC units
Workforce Families School-age families priced out of market 2-3BR affordable homeownership
13 — Target Banking Partners

South Florida capital partners.

Institution Why Relevant Entry Point
JPMorgan Private Bank Largest private bank in the US; aggressive CRA program; active LIHTC syndicator Explore Existing Relationship
Bank of America / Merrill Major LIHTC investor and syndicator; strong CRA history in South Florida BofA Community Development Banking
Wells Fargo Private Bank Significant CRA lending history in Broward; affordable housing focus Wells Fargo Housing Finance
Citi Private Bank Global UHNW relationships; active in OZ and LIHTC investment Citi Community Capital
TD Bank Strong CRA performance in Southeast Florida; active construction lender TD Community Development Finance
Florida Community Loan Fund CDFI — fills gap where conventional banks will not; stacks with bank debt Direct application
14 — Open Questions

Talking points for
development.

Structure & Legal

  • Can a QOF and CLT be structured as the same entity, or must they be separate with a ground lease?
  • What are the limitations on investor returns in a combined LIHTC + QOF structure?
  • How does the CLT affordability covenant interact with condo association law in Florida?
  • Optimal QOF entity structure: single-asset vs. multi-asset fund?

Investor Proposition

  • Realistic 10-year IRR for a family office investing in a QOF-backed CLT housing project in Broward?
  • How to structure the FLP to maximize estate planning benefits while meeting QOF requirements?
  • Minimum investment threshold that makes tax benefits meaningful for a UHNW family office?
  • LIHTC syndicator selection and credit pricing negotiation strategy?

Government / Partnership

  • Which Broward CRAs are expiring soonest with surplus parcels identified for affordable housing?
  • Is the county willing to do a direct land transfer (ground lease at $1/year) to a CLT entity?
  • County preference for affordability period: LIHTC standard (30 years) or permanent CLT covenant?
  • County land disposition timeline and competitive process details?

Deal Model & Execution

  • Can the CLT condo model legally accommodate seasonal/part-time residents under Florida condo law?
  • Shared appreciation formulas: how to keep units affordable while giving residents meaningful equity?
  • Optimal unit mix (rental vs. ownership) for each target resident population?
  • Construction cost lock strategy: GMP vs. lump sum? Phase 2 pipeline capacity?
15 — Immediate Next Steps

Action items.

# Action Target / Contact
1 Pull BCPA Web Map — overlay OZ + CRA boundary layers; identify priority parcels bcpa.net
2 Contact Broward County Housing Finance Division — intro meeting (954) 357-4900 — Reference BPHI / Project 717
3 Request surplus land inventory under FL Statute 166.0451 Fort Lauderdale, Lauderdale Lakes, Hollywood first
4 Engage tax attorney — QOF + CLT hybrid structure Referral from BPHI or Greater Ft. Lauderdale Chamber
5 Monitor OZ 2.0 nomination window Opens July 1, 2026
6 Model financial scenarios for QOF + LIHTC + CLT stack Tax counsel + affordable housing finance consultant

This is a draft framework document prepared for discussion and partner outreach. All financial projections, tax benefit estimates, and program parameters are preliminary and subject to legal, financial, and feasibility review. This document does not constitute legal or financial advice. The sample deal models are presented for illustrative purposes only and are not securities offerings or investment solicitations. Site data sourced from Broward County Property Appraiser, City of Fort Lauderdale CRA public records, Florida Housing Finance Corporation, and publicly available government filings.

16 — Landscape Analysis

Broward has the organizations.
It doesn't have the units.

At least 11 entities touch affordable housing in Broward County. Most are funders or advisors — not builders. The county completed 955 affordable units from 2020–2024, an 18% decline from the prior period. Miami-Dade completed 8,690 in the same window. Against a deficit of 147,000 units, Broward is closing the gap at 0.6% per five-year cycle.

147K
Unit deficit
(rental + ownership)
955
Units completed
2020–2024
8,690
Miami-Dade units
same period
770 yrs
To close gap
at current pace

Government Programs — Fund, Don't Build

Organization Role Scale Assessment
Broward County Housing Division Gap financing, trust fund administration $154M deployed since 2018 — 4,301 units funded Has capital but depends on developers to show up with projects
Affordable Housing Trust Fund Dedicated public funding (2018 referendum, 73% voter approval) $42M approved — 1,545 units Money exists and is earmarked — needs execution partners
Housing Finance Authority (HFA) Issues tax-exempt bonds for developers $146M in bonds — 552 units Bond allocation mechanism, not direct development
Broward Housing Authority (BCHA) Public housing, Section 8 vouchers Existing stock — waitlists oversubscribed Manages existing units; does not build new supply

Advisory & Coordination Bodies — Talk, Don't Build

Organization Role Scale Assessment
Broward Housing Council Advisory body to County Commission (est. 2009) 17–19 members Chronic quorum failures and absenteeism. No execution capability.
Coordinating Council of Broward Published "Housing Broward" plan, runs workshops Convening only Valuable research and advocacy. Zero units built.
United Way — "United for Housing" Public-private capital fund (launched 2022) Goal: 2,500 units / 5 years Promising model with MacKenzie Scott seed capital. Early stage, limited output so far.

Nonprofit Developers — Build Small

Organization Role Scale Assessment
Broward Housing Solutions Permanent supportive housing for disabled/mentally ill 197 units — 19 properties Important niche. Not workforce scale.
Habitat for Humanity Broward Builds homes with zero-interest mortgages 300+ homes since 1983 (~10/year) Homeownership only. 18–24 months per home.
South Florida Community Land Trust CLT model for permanently affordable housing 13 units in Broward Right model, minimal scale. Our framework applies CLT at 25x their output.
Broward Partnership (BPHI) Mixed-use affordable, homeless housing, CLT + QOF framework 77 completed → 90 in pipeline → 320 in negotiation Fastest scaling trajectory in the nonprofit space. Only entity combining CLT + UHNW capital stack.

Private Developers — Build Big, Not Affordable

Organization Role Scale Assessment
Affiliated Development "Luxury workforce" at 80–120% AMI 400 units (The Era) — $80M construction loan Fast execution but 80–120% AMI is not affordable. Does not serve the 60% AMI population.
Pinnacle Housing Group LIHTC developer, 8,000+ units statewide 196 units (Cypress) — Live Local Act For-profit, no CLT or permanent affordability. Time-limited covenants.
The 770-Year Problem

Broward County's housing deficit is 147,000 units. At the current production rate of 955 units per five-year cycle, it would take approximately 770 years to close the gap. The county's 30-year master plan targets 36,000 units — which addresses only 25% of the current deficit. The gap is not closing. It is widening.

17 — What Makes This Different

Everyone has a plan.
We have a building.

Factor Most Broward Programs This Framework
Affordability Duration Time-limited covenants (15–30 years) CLT = permanent. Land never returns to speculative market.
Capital Source Government grants, bonds, tax credits UHNW family office private capital layered with government incentives
Investor Proposition None — grant-funded programs 12–18% after-tax IRR. Generational wealth. Tax shelter.
Banking Integration Developer finds their own financing CRA mandate leveraged as institutional incentive. Bank as lender + equity partner + syndicator.
Scale Trajectory 10–50 units/year (typical nonprofit) 77 → 90 → 320 units across three active projects
Land Acquisition Market-rate purchases or waiting for government surplus Active CRA relationship for $0 land conveyance ($10M+ contributed value)
Community Land Trust South Florida CLT: 13 units in Broward CLT model at 25x scale with institutional capital backing
Proof of Execution Plans, studies, workshops, advisory boards Completed project. Construction loan repaid. Stabilized occupancy. Next two projects in pipeline.
The Opportunity

Broward County has $154M in deployed gap financing, a $42M trust fund, $146M in bond authority, and a 30-year master plan. What it does not have is a developer with a completed project, an active pipeline, a negotiated site, an engaged architect, and a capital structure that attracts private investment at scale. That is the gap this framework fills.

18 — Pipeline & Market Context

What's coming online.

Major projects in the Broward pipeline for 2025–2028. Note the distinction between "workforce" (80–120% AMI) and "affordable" (60% AMI and below) — they serve fundamentally different populations.

Project Developer Units Type Status
The Era (Fort Lauderdale) Affiliated Development 400 Workforce (80–120% AMI) Under construction
Pinnacle at Cypress (Fort Lauderdale) Pinnacle Housing Group 196 Senior + workforce (Live Local Act) Groundbreaking Q1 2026
County gap-financed projects (8 sites) Various 516 Affordable rental Proposed May 2025
Aspire 1650 (Pompano Beach) BPHI / Aspire 1650 Dev, LLC 90 Affordable — homeless housing (FHFC RFA 2025-103) FHFC pipeline — construction Q3 2026
USPS-Alridge Station (Fort Lauderdale) BPHI / Broward Partnership 320 Affordable — 50%+ at 60% AMI (CLT + QOF structure) Term sheet in negotiation — pre-design complete
Key Distinction

"Workforce housing" at 80–120% AMI and "affordable housing" at 60% AMI and below serve fundamentally different populations. A household at 60% AMI in Broward earns roughly $43,260 and can afford $1,082 per month in rent. A household at 120% AMI earns $86,520 and can afford $2,163. The luxury workforce developments filling the pipeline do not reach the population that needs housing most.

Landscape data sourced from Broward County government records, Sun-Sentinel reporting (2024–2026), WLRN, The Real Deal, Florida Housing Finance Corporation public filings, Shimberg Center for Housing Studies, and organization websites. All figures are from publicly available sources. Competitive assessments reflect the framework authors' analysis and are presented for discussion purposes.