AGENDA ITEM REPORT
TITLE:
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A RESOLUTION APPROVING THE MAINSTREET WORKFORCE HOMEBUYER PROGRAM BETWEEN THE CITY OF COCONUT CREEK AND DRP GREENBOUGH 1, LLC, LENNAR HOMES, LLC, AND GSR RE PARTNERS, LLC; AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE THE WORKFORCE HOMEBUYER PROGRAM AGREEMENT, ATTACHED HERETO AND MADE A PART HEREOF AS EXHIBIT “A.”
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BACKGROUND:
The proposed resolution approves and authorizes execution of the MainStreet Workforce Homebuyer Program Agreement between the City of Coconut Creek and the MainStreet at Coconut Creek Developer (DRP Greenbough 1, LLC, Lennar Homes, LLC, and GSR RE Partners, and their successors and assigns collectively “Developer”) in connection with the MainStreet at Coconut Creek development located on the west side of Lyons Road between Wiles Road and West Sample Road. This agreement is consistent with the City’s newly adopted Workforce Homebuyer Purchase Assistance Program Ordinance No. 2026-016.
Under the agreement, the City will designate up to $1,000,000 from the City’s Affordable Housing Trust Fund and the Developer’s contribution will be from their required housing linkage fee payments (approximately $118,588) associated with the non-residential development in the MainStreet at Coconut Creek project. Combined, the total program funds for purchase assistance will be approximately $1,118,588, with the option for the developer to contribute additional funds, if desired.
DISCUSSION:
Approval of the resolution and agreement will allow the City and Developer to administer a Workforce Homebuyer Purchase Assistance Program for eligible purchasers of for-sale units within the MainStreet at Coconut Creek development, with eligibility limited to households earning less than one hundred forty percent (140%) of the Broward County Area Median Income (AMI), adjusted for household size. Qualified Purchasers may receive up to eighty thousand dollars ($80,000) in down payment assistance toward the purchase of a unit, subject to the availability of program funds, with assistance disbursed by the City directly to the title company for closing.
Consistent with the newly-adopted ordinance, the agreement provides for a publicly-advertised lottery process administered by the Developer to ensure equitable, non-discriminatory access to the program (with first-come, first-served procedures if the lottery does not yield sufficient eligible applicants), and sets forth pre-qualification requirements, documentation standards, records retention, and City review rights.
The purchase assistance will be secured by a promissory note and second mortgage in favor of the City, with repayment required if the home is sold, transferred, foreclosed, or ceases to be the purchaser’s homestead within the first ten (10) years; if the purchaser retains and occupies the home for the full ten (10) year period, the note is deemed satisfied and the mortgage released and forgiven. If the purchaser sells the home prior to the expiration of the ten (10) year period, the funds will be paid back to the City during the processing of the sale.
The agreement remains in effect until program funding is expended or for five (5) years following issuance of the first certificate of occupancy for a for-sale unit, whichever occurs first, unless earlier terminated in accordance with its terms.
RECOMMENDATION:
Staff recommends approval of this resolution.
FISCAL IMPACT:
REVENUES: $ 0
EXPENDITURES: $ 1,118,588
BUDGETED? Yes
NOTES: Funds available total $1,696,600 from Account 0151, Affordable Housing Fund.