AGENDA ITEM REPORT
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AN ORDINANCE AMENDING THE CITY'S CODE OF ORDINANCES, BY AMENDING CHAPTER 13, "LAND DEVELOPMENT CODE," ARTICLE I, "ADMINISTRATION, REGULATIONS AND PROCEDURES," DIVISION 3, "IMPLEMENTATION PROCEDURES," BY CREATING SECTION 13-43, "WORKFORCE HOMEBUYER PURCHASE ASSISTANCE PROGRAM," PROVIDING A PURPOSE, DEFINITIONS, CRITERIA, AND METHODOLOGY FOR PROVIDING FUNDS TO ASSIST QUALIFIED PURCHASERS IN THE WORKFORCE TARGET INCOME GROUP WITH THE PURCHASE OF RESIDENTIAL DWELLING UNITS WITHIN THE CITY OF COCONUT CREEK. (FIRST READING)
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BACKGROUND:
The City of Coconut Creek continues to experience rising housing costs and limited availability of attainable housing, making it increasingly difficult for workforce households to live locally.
In response, the City has developed a Workforce Homebuyer Purchase Assistance Program to provide purchase assistance to income-qualified households earning less than one hundred and forty percent (140%) of the Area Median Income (AMI) in a manner that is consistent with the City's Comprehensive Plan and housing goals. Because funding sources are limited and demand usually exceeds available resources, staff recommends a lottery-based selection process to ensure fairness, transparency, equitable access, and legal defensibility.
DISCUSSION:
Housing affordability challenges continue to impact workforce households and employers within the City, with rising home prices and limited inventory, reducing opportunities for homeownership.
The proposed Workforce Homebuyer Purchase Assistance Program provides a framework that may be implemented in the future by the City or a developer for a specific development project or a geographic area to provide down payment assistance to eligible households purchasing a primary residence in the City.
Funds for a City-run housing assistance project would be allocated through the City's budget process and could include funds from the Affordable Housing Trust Fund. A housing assistan...
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