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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A COMMUNITY HOUSING DEVELOPMENT ORGANIZATION (CHDO) AGREEMENT BETWEEN THE CITY OF POMPANO BEACH AND BROWARD COUNTY HABITAT COMMUNITY HOUSING DEVELOPMENT CORPORATION, PROVIDING FOR THE FUNDING AND ADMINISTRATION OF HOME INVESTMENT PARTNERSHIPS PROGRAM PROJECTS; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $76,226.00-HOME Grant Funding)
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(Staff Contact: Alexander Goldstein)
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Summary Explanation/Background:
Broward County Habitat Community Housing Development Corporation, a 501(c)(3) nonprofit housing provider will leverage private and public resources to construct one (1) new single-family home along NW 7th Way that will be affordable to low-income (LI) working families who reside in Broward County, FL. The Habitat model combines home construction with 0%-interest rate mortgage financing, closing cost assistance and education to put qualifying families on the path to economic security and a higher quality of life as first-time homeowners. The $76,226.00 in HOME CHDO funds awarded will be used to assist with the construction of one single-family home located at 1410 NW 7th Way, Pompano Beach, FL 33060.
Origin of request for this action: Office of Housing and Urban Improvement
Fiscal impact and source of funding: $76,226- HOME Grant Funding
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