Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute The Attached Agreement Between Liberia Economic And Social Development, Inc. (LES) And The City Of Hollywood For The Construction Of A Single Family Home At 5608 Wiley Street Using Home Investment Partnership Act Community Housing And Development Organization Set-Aside Funds In An Amount Not To Exceed $81,666.30.
Body
Staff Recommends: Approval of Attached Resolution.
Explanation:
The City of Hollywood has been designated by the United States Department of Housing and Urban Development (HUD) as a participating jurisdiction for the receipt and use of funds as provided by the HOME Investment Partnership Program (HOME Program) as provided in 24 CFR Part 92.
HOME regulations require tot City to set-aside not less than fifteen percent (15%) of the HOME allocation for investment only in housing to be developed, sponsored, or owned by a CHDO.
Liberia Economic and Social Development, Inc. is fully qualified as a CHDO and possesses the requisite skills, knowledge, qualifications and experience to provide single family housing construction services.
The attached resolution combines two years of available CHDO funding:
FY 2013/2014 - $28,329.15
FY 2015/2016 - $53,337.15
TOTAL - $81,666.30
Total project funding shall be used to complete the construction of a single family home affordable to households whose income does not exceed 80% of the Area Median Income (AMI) to be located 5608 Wiley Street.
Recommended for inclusion on the agenda by:
Dr. Wazir Ishmael, City Manager
Gus Zambrano, Assistant City Manager
Thomas Barnett, Director of the Department of Development Services