AGENDA ITEM REPORT
TITLE:
title
A RESOLUTION AUTHORIZING THE MAYOR, OR DESIGNEE, TO EXECUTE AN INTERLOCAL AGREEMENT WITH BROWARD COUNTY FOR FUNDING AND ADMINISTRATION OF HOME PROGRAM FUNDS FOR HOMEBUYER/PURCHASE ASSISTANCE PROGRAMS FOR FISCAL YEARS 2023-2024, 2024-2025, AND 2025-2026 (CFDA # 14.239 / FAIN # M23-DC-120201, M24-DC-120201, M25-DC-120201).
body
BACKGROUND:
Broward County began providing administration for the City’s HOME Investment Partnerships Program (HOME Program) beginning in Fiscal Year 2018, as approved by City Resolution No. 2020-181. Through this Interlocal Agreement (ILA), Broward County will continue to administer and implement activities funded with annual HOME Program Year allocations and selected activities on the City’s behalf in accordance with applicable HOME Program rules and regulations.
DISCUSSION:
This ILA provides for joint local housing assistance activities to assist a minimum of four (4) income eligible households with Homebuyer/Purchase Assistance funds for Program Years 2023-2024, 2024-2025, and 2025-2026. The County will retain allowable administrative fees for these services.
Broward County is experiencing an unprecedented housing affordability crisis, prompting the recent adoption of a 10-Year Affordable Housing Master Plan. The plan provides a comprehensive framework for addressing housing affordability and reinforces the County’s commitment to “leading the challenge and sharing the burden.” Broward County is well positioned and qualified to continue administering the City of Coconut Creek’s HOME Program, ensuring that these federal housing resources continue to benefit eligible City residents.
Over the past three (3) years, HOME funds administered on behalf of the City have assisted seven (7) Coconut Creek households through the Purchase Assistance Program, with a total of $464,830 awarded to support homeownership opportunities for eligible residents.
RECOMMENDATION:
Staff recommends approval of this resolution.
FISCA...
Click here for full text