AGENDA ITEM REPORT
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A RESOLUTION SELECTING THE PROGRAM YEAR 2021 COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) AND PROGRAM YEAR 2021 HOME INVESTMENT PARTNERSHIP (HOME) PROGRAM AFFORDABLE HOUSING ACTIVITIES. (PUBLIC HEARING)
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BACKGROUND:
The Housing and Community Development Act of 1974, as amended, authorizes counties to enter into cooperation agreements with other local governments to implement activities funded through CDBG program funds. The City began receiving CDBG and HOME funds as an entitlement community (population of at least 50,000 residents) in October of 2008. In 2020, the City entered into the Urban County Cooperation Agreement. This agreement and associated resolution gave Broward County authorization to implement and administer the City's Affordable Housing Activities funded through the U.S. Department of Housing and Urban Development for Program Years (PY) 2021-2023. The Broward County Housing Finance and Community Redevelopment Division has the ability to provide for the City's management, administration, and implementation of the City's CDBG Program funds, and other related services.
DISCUSSION:
In PY 2021, Coconut Creek will receive $263,769 in CDBG funds and $105,087 in HOME funds to address community development and housing needs within the City. The City intends to use the above referenced funding for the First-Time Homebuyer Program. The First-Time Homebuyer Program will provide purchase assistance to eligible first-time homebuyers to purchase their primary residence in Coconut Creek. Assistance may provide up to 50% of required down payment, pay reasonable closing costs, provide principal write down assistance, and subsidize interest rates. This direct homeownership assistance is eligible under 24 CFR Section 570.201(n) and will directly benefit low-to-moderate income persons as qualified under 24 CFR Section 570.208(a)(3). On June 15, 2021, a pre-development public hearing was held at the Coconut Creek Government Center,...
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