Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Amending The Administrative Policies Governing Affordable Housing Programs Funded Pursuant To The Interlocal Agreement Among Broward County, The City Of Hollywood And The Hollywood Community Redevelopment Agency To Incorporate New Affordable Housing Initiatives.
Body
Staff Recommends: Approval of Resolution.
Explanation:
On February 20, 2019, the City Commission passed and adopted Resolution No. R-2019-030, adopting Administrative Policies governing new affordable housing programs funded pursuant to the Interlocal Agreement ("ILA") among Broward County, the City of Hollywood and the Hollywood Community Redevelopment Agency. During a Special City Commission Meeting on March 20, 2019 staff proposed additional, new affordable housing initiatives and recommends amending the Administrative Policies to incorporate the new programs which are described in the attached document.
Acquisition with Rehabilitation Program. This program authorizes either the City, or a nonprofit developer entity, to purchase detached, single family homes within Low- to Moderate-Income Areas designated in the ILA and rehabilitate the properties to make them suitable to sell for owner-occupancy, or to make them available as affordable rental units or as leased units with a purchase option.
Financial assistance for acquisition and rehabilitation of properties that will be sold to an owner-occupant, or leased with an option to purchase, is provided in the form of a zero percent interest, deferred-payment loan to the nonprofit developer entity secured by a Mortgage and Promissory Note, Lien, Personal Guarantee, or other acceptable security instrument. The loan must be repaid by the nonprofit upon sale of the property to an end-buyer. At transfer of ownership to the end-buyer a Declaration of Restricted Covenants will be recorded requiring assisted properties to be maintained as the principal residence of the end...
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