Title
RESOLUTION NO. 24R-10-250: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL APPROVING THE INTERLOCAL AGREEMENT WITH BROWARD COUNTY FOR THE DISBURSEMENT OF HOME INVESTMENT PARTNERSHIP PROGRAM (HOME) FUNDS FOR COMBINED FISCAL YEAR 2021-2022 AND FY 2022-2023; PROVIDING FOR THE DISBURSEMENT OF TOTAL COMBINED FUNDING IN THE AMOUNT OF $494,767.22 FOR THE PURCHASE ASSISTANCE PROGRAM TO QUALIFIED PARTICIPANTS; PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY CITY MANAGER, DESORAE GILES-SMITH).
Body
Request Action:
A resolution is required from the City Commission to approve the HOME Purchase Assistance Agreement between Broward County and the City for Fiscal Year 2021-2022 and FY 2022-2023.
Need Summary Explanation/ Background:
Action is required to obtain Commission approval prior to executing the combined Fiscal Year 2021-2022 and FY 2022-2023 HOME Purchase Assistance Agreement to satisfy Broward County’s requirement for Consortia members receiving HOME funding.
Cost Summary/ Fiscal Impact:
The agreement outlines the home ownership purchase assistance programs to be administered by the City to benefit very-low and low-income residents within the limits of the City of Lauderhill. The program will allow for home purchase down payment assistance funding of up to $75,000 for very low and up to $65,000 for low income category. Award amounts are contingent upon income categories and other program requirements.
The United States Department of Housing and Urban Development (HUD) and Broward County provide regulations and program requirements for the HOME program, as outlined in the Interlocal Agreement. Income limits per household size are established annually by HUD. With the end goal of helping to make homeownership available and affordable, these types of programs are critical to the success of our community.
Attachments:
1. FY 2021-2022 and FY 2022-2023 Broward-Lauderhill-HOME DPA Agreement.
Budget Code Number(s): ___Fund No. 629______________________________
Procurement Information: [check all that apply]
[ ] RFP/Bid [ ] Emergency Purchase [ ] SBE
[ ] Proposal/Quote [ ] State Grant Funds [ ] Local Preference
[ ] Piggyback Contract [ x ] Federal Grant Funds
[ ] Sole Source [ ] Matching Required