TO: Mayor and Commissioners
FROM: Sammie L. Walthour, Director, Neighborhood and Community Services
THROUGH: Terrence R. Moore, ICMA-CM, City Manager
DATE: August 19, 2024
Title
PURCHASE ASSISTANCE GRANT AWARD TO MS. EBONY OLIVIER 111 STONE HARBOR WAY, UNIT F1 IN THE AMOUNT OF $69,250
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Recommended Action:
Recommendation
Motion to approve a purchase assistance grant retroactively in an amount up to $69,250 to Ms. Olivier funded under the Urban Development Action Grant (UDAG) Program for property located at 111 Stone Harbor Way, Unit F1 Delray Beach, FL 33444.
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Background:
The City has allocated $617,239 of Urban Development Action Grant (UDAG) funds (FY 2023-2024) to assist eligible first-time homebuyers with a deferred payment loan to be applied towards down-payment, rehabilitation costs (if applicable), closing costs and principal reductions for the construction of new and/or purchase of existing single-family homes, townhouses, villas and condominiums including homes purchased from a community land trust (CLT).
The strategy has a forgiveness or repayment term of up to 10 years if $35,000 or less or 15 years if between $35,001 to $75,000. Deferred loan awards will be secured with a mortgage/promissory note with a 0% interest rate. All loan awards will be forgiven on a prorated basis of the principal each year of the term. Unit must remain buyer's primary residence.
This motion to award is in accordance with the Code of Ordinances, Chapter 36, Section 36.02 Acquisition of Goods and Services.
City Attorney Review:
Approved as to form and legal sufficiency.
Finance Department Review:
Finance recommends approval.
Funding Source:
Urban Development Action Grant (UDAG) 118-54-535-554-49.25 $ 69,250
Timing of Request:
Grant agreement(s) have a deadline of September 30, 2025.