TO: Mayor and Commissioners
FROM: Sammie L. Walthour, Director, Neighborhood & Community Services
THROUGH: Terrence R. Moore, ICMA-CM, City Manager
DATE: May 7, 2024
Title
PURCHASE ASSISTANCE GRANT AWARD TO WATSON JOACHIN AND NACHCAR FLEURINAT 102 NW 13TH AVENUE IN AN AMOUNT UP TO $75,000
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Recommended Action:
Recommendation
Motion to approve a purchase assistance grant retroactively in an amount up to $75,000.00 to Watson Joachin and Nachcar Flerinat funded under the State Housing Initiatives Partnership (SHIP) Program for property located at 102 NW 13th Avenue Delray Beach, FL 33444.
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Background:
The City has allocated $317,720 of State Housing Initiatives Partnership (SHIP) funds (FY 2023-2024) to assists eligible first-time home buyers with a deferred payment loan to be applied towards down payment, rehabilitation costs (if applicable) paid within 12 months by SHIP 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). Due to the fluidity of the closing industry, the above amount may be subject to change but not to exceed the amount of request.
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 buyers’ 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:
State Housing Initiatives Partnership (SHIP) 118-54-540-554-49.25 up to $ 75,000
Funds to be allocated pending mid-y...
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