Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving The Second Amendment To 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 Additional Affordable Housing Initiatives.
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
On February 20, 2019, the 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. Subsequently, on April 17, 2019 the Commission adopted Resolution No. R-2019-095 amending the policies to include additional affordable housing initiatives. During the commission meeting on April 17, 2019 the Commission asked staff to return with a revised Multi-Unit Acquisition with Rehabilitation Program.
The attached resolution includes a revised Multi-Unit Acquisition with Rehabilitation Program that authorizes the purchase and rehabilitation of property containing two or more units within low- and moderate-income areas by the City or a nonprofit developer.
Financial assistance provided to a non-profit developer to purchase units for homeownership is provided in the form of a zero percent (0%) interest deferred payment loan that is paid back at sale of the property to end-buyers.
Financial assistance provided to a non-profit developer to purchase units for affordable rentals is provided in the form of a zero-percent (0%) interest loan amortized over a 30-year period.
Also, Communications, Marketing, and Economic Development (CMED) will be administering a Work Skills Training Scholarship Program that authorizes the City Manager to enter into Memorandums of Understandings with preferred work skills training partners ...
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