City of Delray Beach - File #: 18-0069 CRA

• File #: 18-0069 CRA
• Version: 1
• Type: CRA Report
• Status: Agenda Ready
• File created: 8/9/2018
• In control: Community Redevelopment Agency
• On agenda: 8/15/2018
• Title: DELRAY BEACH COMMUNITY LAND TRUST (dbclt) 3rd Quarter FY2017-18 A-Guide Report

TO:                                    CRA Board of Commissioners

FROM:          Joan K. Goodrich, Economic Development Director

THROUGH:                     Jeff Costello, CRA Executive Director                     

DATE:                              August 15, 2018

Title

DELRAY BEACH COMMUNITY LAND TRUST (dbclt) 3^rd Quarter FY2017-18

A-Guide Report

Body

Recommended Action:

Recommendation

Receive and file.

Body

Background:

The CRA awarded the DBCLT a $194,700 A-GUIDE grant and approved a FY 2017-18 funding agreement on September 28, 2017.  The amount represents 25% of the DBCLT’s $777,050 annual budget.  The A-Guide grant focuses on affordable housing and was awarded specifically to: 

1)                      Develop housing units for very-low to moderate income households (Sustainable Homeownership Services); and

2)                      Provide affordable rental units that meet the needs of households within the CRA target area (Rental Housing)

Below are highlights and a snapshot from the CLT’s 3Q FY 2017-18 report ending June 30, 2018.

Delray Beach Community Land Trust Highlights from Evelyn S. Dobson, Chief Executive Director

See attached letter dated July 26, 2018.

Program Snapshot: Sustainable Homeownership Services & Rental Housing

Funding Amount: $194,700                     Program Budget: $777,050                     % of Budget:  25%

Select Key Program Metrics	Annual Total	3Q Totals	Year to Date Totals
Total Homebuyer Applications	10	10	20
Total New Certificates of Occupancy - Workforce Housing and Single Family	8	0	1
Executed Purchase & Sale Contracts	5	4	8
Vacant Lots Acquired for New Single-Family	3	0	3
Total Homeownership Education Attendees	50	16	57
Developer Fee Income	$49,500	$0	$20,277
Rental Housing Lease Agreements	42	8	28
Annual Rental Housing Income	$451,380	$119,791	$356,608

Notes:  Target date for the completion of 3 newly constructed units is August 31, 2018 for 111 NW 12 Avenue, 706 and 710 SW 2^nd Street.  Additionally, one new work assignment approved by the DBCLT Board during Q3 with Hatcher Development for the property at 106 SW 14 Avenue.  Purchase & Sales contracts executed at 23 and 27 SW 14^th Avenue, 710 SW 2^nd Street and 49 NW 13^th Avenue during quarter three.

CRA Attorney Review:

N/A

Finance Review:

N/A

Funding Source/Financial Impact:

CRA G/L #:  7376 A-Guide Funding

Timing of Request:

N/A