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RESOLUTION NO. 26R-08-144: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LAUDERHILL, FLORIDA, APPROVING AN INTERLOCAL AGREEMENT WITH BROWARD COUNTY FOR FUNDING AND ADMINISTRATION OF HOME PROGRAM FUNDS FOR FISCAL YEARS 2023-024, 2024-2025, AND 2025-2026; PROVIDING FOR THE DISBURSEMENT OF TOTAL COMBINED FUNDING IN THE AMOUNT OF $795,635 FOR THE PURCHASE ASSISTANCE PROGRAM TO QUALIFIED PARTICIPANTS: AUTHORIZING THE CITY MANAGER AND APPROPRIATE OFFICIALS TO EXECUTE THE AGREEMENT; AUTHORIZING THE CITY MANAGER AND CITY ATTORNEY TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE (REQUESTED BY CITY MANAGER, KENNIE HOBBS, JR.).
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 Combined Fiscal yearsFY2023-2024, FY2024-2025, and FY2025-2026.
Need Summary Explanation/ Background:
Action is required to obtain Commission approval prior to executing the agreement for Combined Fiscal years of FY2023-2024, FY2024-2025, and FY2025-2026 for the 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.