Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
Information
Requested Action
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MOTION TO AUTHORIZE County Administrator to execute a Second Amendment to Agreement between Broward County and City of Hollywood (“City”) for administration of the First Time Homebuyer Purchase Assistance Program (“FTHPA Program”), amending the terms of the sale of a single-family residence owned by the City, subject to review and approval as to legal sufficiency by the Office of the County Attorney; to take all administrative and budgetary actions necessary to implement same; and to execute non-monetary amendments and reinstatements of the Agreement, that do not impose any additional material financial impact on the County, subject to review and approval as to legal sufficiency by the Office of the County Attorney. (Commission District 6)
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Why Action is Necessary
Board action is required to approve amendments to agreements with outside agencies.
What Action Accomplishes
This action amends the terms of the sale of the single-family residence owned by the City located at 2323 Cleveland Street, Hollywood, FL 33020 (“Property”), by changing the eligible homebuyer’s gross household income maximum cap from 80% AMI (area median income) to 120% AMI and increasing the City of Hollywood’s funds for purchase assistance from $70,000 to $120,000.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
The existing Agreement was initially approved by Broward County Board of County Commissioners on January 7, 2020, Agenda Item No. 15; and the Board approved the First Amendment to the Agreement on June 7, 2022, Agenda Item No. 24.
Summary Explanation/Background
THE RESILIENT ENVIRONMENT DEPARTMENT AND HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
The Motion supports the County’s Value of Collaboration by “building partnership and working collaboratively with others to meet shared objectives” and the corresponding Goal of Economic Opportunity with an “emphasis on Broward’s lower and middle class” and “ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all income levels.”
Broward County is engaged by the City of Hollywood to administer the City’s FTHPA Program. Pursuant to the subject Agreement, Broward County’s services include certifying buyers’ income and program eligibility, coordinating closings, and assisting with the sale and disposition of two single-family homes owned by the City of Hollywood, including the Property.
Since the FTHPA Program commencement, 50 homes have closed, more than $2,300,000 has been expended in direct client purchase assistance, and with respect to the subject Agreement, one of the two single-family homes owned by the City of Hollywood has been sold and closed.
To provide an enhanced purchase incentive for a larger potential pool of eligible buyers, the City of Hollywood requested a revision of the eligibility requirements for the remaining Property, including, changing the eligible homebuyer’s gross household income cap from 80% AMI to 120% AMI and increasing purchase assistance from $70,000 to $120,000.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division 954-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.