Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute A First Amendment To The Agreement With Broward County For The Administration Of The City’s First-Time Home Buyer Program In Order To Increase The Administrative Fee Funding Amount From $139,965.50 To $479,993.00 And Extend The Term From Two Years to Four Years.
Strategic Plan Focus
Quality of Life & Strong Neighborhoods
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
On February 20, 2019, the City Commission passed and adopted Resolution No. R-2019-030 approving Administrative Policies governing new affordable housing programs funded pursuant to the Interlocal Agreement (“ILA”) among Broward County, the City and the Hollywood Community Redevelopment Agency. On April 17, 2019, the City Commission passed and adopted Resolution No. R-2019-095 approving an amendment to the Administrative Policies to incorporate additional housing programs, including a First-Time Homebuyer Purchase Assistance Program. On May 15, 2019, the City Commission passed and adopted Resolution No. R-2019-125 amending the 2019 Fiscal Year Operating Budget which allocated $9,831,536.00 to ILA programs, including $1,399,965.00 to support the First-Time Homebuyer Purchase Assistance Program. On January 5, 2021, the City Commission passed and adopted Resolution No. R-2021-001 making appropriations for the Fiscal Year 2021 operating budget to include an additional $1,399,965.00 in funding for the City’s Homebuyer Purchase Assistance Program and on September 23, 2021, the City Commission passed and adopted Resolution No. R-2021-244 making appropriations for the Fiscal Year 2022 operating budget to include an additional $2,000,000.00 in funding for the City’s Homebuyer Purchase Assistance Program.
To date, Broward County (“the County”) currently has been successfully administering the City of Hollywood First-Time Homebuyer Purchase Assistance Program, providing assistance to 28 First-Time Homebuyers in the amount of $1,399,965.00.
This resolution proposes to provide $3,399,965.00 in additional dollars to the agreement. The additional amount is sufficient to provide assistance to a minimum of 68 participants. The parties have agreed on an Administrative Fee of ten percent of the First-Time Homebuyer Purchase Assistance Program budget, not to exceed $479,993.00. The proposed Administrative Fee is less than the amount the County charges to administer similar programs for other jurisdictions.
Fiscal Impact:
The annual estimated cost of the administrative fee for this agreement is $173,500.00. Funding for this agreement is available in the FY 2022 Operating Budget in account number 001.160502.51900.531170.000000.000.000.
Recommended for inclusion on the agenda by:
Anthony Grisby, Community Development Manager
Shiv Newaldass, Director, Department of Development Services
Gus Zambrano, Assistant City Manager for Sustainable Development