Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Execution Of An Agreement With Broward County For The Administration Of The City's First-Time Homebuyer Purchase Assistance Program In An Amount Not To Exceed $139,965.50.
Body
Staff Recommends: Approval of attached Resolution.
Explanation:
On February 20, 2019, the City Commission approved (R-2019-030) 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 approved (R-2019-095) an amendment to the Administrative Policies to incorporate additional housing programs, including a First-Time Homebuyer Purchase Assistance Program. The following month, on May 15, 2019, the City Commission amended (No. R-2019-125) the 2019 Fiscal Year Operating Budget which allocated $9,831,536.00 to ILA programs, including $1,399,965.00 for Purchase Assistance for First-Time Homebuyers.
Broward County currently administers successful homebuyer purchase assistance programs and has offered to administer the City's Program for a total amount of $1,539,961.50, inclusive of $1,399,650.00 in Direct Client Service Expenditures allocated by the City for purchase assistance combined with an Administration Fee not to exceed $139,965.50. The scope of services includes administering the City's Program and providing Income Certification and Closing Coordination for Two Specific Properties - 550 N. 66th Terrace and 2323 Cleveland Street.
Staff believes it is in the City's Best Interest to have the County administer the City's First-Time Homebuyer Purchase Assistance Program because it will enable the program to be implemented more rapidly, as compared to conducting a formal solicitation. Additionally, the proposed Administration Fee of ten percent is less than anticipated, and it is also less than the perce...
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