AGENDA ITEM REPORT
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A RESOLUTION AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO EXECUTE THE ATTACHED SUBRECIPIENT AGREEMENT BETWEEN THE FLORIDA HOUSING FINANCE CORPORATION AND THE CITY FOR THE DISBURSEMENT AND EXPENDITURE OF CARES ACT FUNDS (DESIGNATED AS THE “CORONAVIRUS RELIEF FUNDS OR CRF FUNDS”) FOR THE PURPOSES AUTHORIZED IN AGREEMENT.
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BACKGROUND: .body
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The State of Florida has been awarded funding through the Coronavirus Relief Funds (CRF), of which, $120 million has been designated to be administered through the SHIP infrastructure. This funding, while not specifically SHIP, will carry some of the process and restrictions of the program for ease of administration. The funds are required to be allocated based on calculations related to the reemployment rate within each county. Once a county allocation is calculated, it is disbursed to the county and eligible cities using the SHIP population methodology. The City has been allocated $232,500 under this methodology.
DISCUSSION:
The funds will be disbursed in two rounds of payments. The first will be sent to the City as soon as we have an executed subrecipient agreement in place. The Florida Housing Finance Corporation (“Florida Housing”) anticipates that the second payment will be made in September or October 2020. The overarching requirement of all funding is that it must be spent on activities necessary due to the COVID-19 emergency. So, activities such as rental and mortgage assistance (and related counseling) payments or emergency repairs for persons who have experienced a hardship that prevents them from making these payments or repairs are considered eligible uses. All funds including any interest earned on the funds, must be fully expended by December 30, 2020. This is a federal requirement and we do not anticipate an extension of that deadline. Any funds not expended by that date will be required to be returned to Florida Housing. The City is working closely with Broward County, who will be administering these program funds, to ensure that all efforts are made to expend these funds consistent with program requirements.
RECOMMENDATION:
Staff recommends approval of this resolution.
FISCAL IMPACT:
REVENUES: N/A
EXPENDITURES: N/A
BUDGETED? N/A
NOTES: Fees associated with the management, administration, and implementation of SHIP Program funds are provided through allowable administrative costs for the respective funding source.