AGENDA ITEM REPORT
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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, ...
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