Hollywood Sets $1.88M Loan Stack for Hollywood Vista Housing

The Hollywood, Florida City Commission is set to vote August 26 on a resolution approving a loan commitment of up to $1,878,357.77 to help redevelop the condemned Hollywood Village into Hollywood Vista, a new 118-unit affordable housing community. The item, sponsored by the city’s Office of Housing & Community Development, pairs Housing Trust Group with the Hollywood Housing Authority on a site the city’s own Building Department found structurally unsafe in June 2023.

Why it matters

For developers chasing affordable redevelopment in South Florida’s smaller cities, this resolution is a readable template for how a mid-size municipality closes a funding gap without a single state or federal grant covering the whole cost. Hollywood is layering three distinct federal pass-through sources, all administered locally, rather than waiting on one program to fund the deal outright. HTG has also separately been awarded State Apartment Incentive Loan funding for the project, according to city staff documents, meaning the city loan sits alongside a state SAIL award rather than replacing it. That stacking pattern, city dollars plus state SAIL plus a private or nonprofit sponsor, is the mechanism smaller Broward and Miami-Dade cities are likely to keep reaching for as older public and affordable housing stock ages out of service. The Miami market’s affordable pipeline runs on exactly this kind of local layering more than on any single mega-grant.

The numbers

The loan commitment is capped at $1,878,357.77, built from $1,243,357.77 in Neighborhood Stabilization Program funds, $135,000 in HOME Program funds, and $500,000 in HOME Program Income funds, all administered by the city. Hollywood Village was a 29-unit affordable development that the city’s Building Department condemned in June 2023 after identifying significant structural deficiencies. Hollywood Vista, the replacement project from Housing Trust Group and the Hollywood Housing Authority, is planned as a 118-unit affordable housing community, a fourfold increase in unit count on the same footprint.

What’s next

The resolution goes before the full City Commission at its August 26 regular meeting as a Time Certain item, scheduled for 2 p.m. Because the vote has not yet occurred, the loan commitment is not final. If approved, the next marker to watch is whether Housing Trust Group closes on its SAIL award and any other financing needed to round out the stack before construction can start on the 118 units.