Title
MOTION TO ADOPT PROPOSED RESOLUTION NO. 2025-R-43.
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, AUTHORIZING THE REALLOCATION OF HOME INVESTMENT PARTNERSHIP PROGRAM CONSORTIUM COOPERATION AGREEMENT FUNDS FROM THE PURCHASE ASSISTANCE STRATEGY TO A NEW MULTI-FAMILY HOUSING STRATEGY, TO BE IMPLEMENTED WITH BROWARD COUNTY IN PARTNERSHIP WITH THE SOUTH FLORIDA COMMUNITY LAND TRUST (“SFCLT”), FOR THE PURPOSE OF PRESERVING AFFORDABLE HOUSING WITHIN THE CITY; PROVIDING FOR DISBURSEMENT OF HOME PROGRAM FUNDS; AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXECUTE ANY NECESSARY DOCUMENTS TO EFFECTUATE THE REALLOCATION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The Planning and Economic Development staff has been working with the Broward County Housing Finance Division (which administers the Broward County HOME Consortium) to explore more effective ways to utilize the City’s HOME Investment Partnerships Program (HOME) funds.
2. At present, the City has available HOME funds (which include multi-year allocations and program income) that are quickly approaching HUD expenditure deadlines.
3. The City currently utilizes HOME funds for the Purchase Assistance strategy, designed to aid first-time home buyers. Unfortunately, the City has had difficulty expending these funds due to the program’s income and property value restrictions. As a result, the unspent HOME funds are at risk of being recaptured by the County, and ultimately by HUD, if federal timeliness requirements are not met.
4. In coordination with the County, an alternative strategy has been identified to effectively use the City’s HOME funds while continuing to serve Pembroke Pines residents. The County has recommended a partnership with the South Florida Community Land Trust (SFCLT), a nonprofit Community Housing Development Organization (CH...
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