CITY COUNCIL AGENDA ITEM
Memo Date: March 5, 2024
Agenda Date: March 26, 2024
Prepared By: Charlene Neuterman, Community Services Director
Through: Stockton Whitten, City Manager
Requested Action:
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Approve a HOME Investment Partnership (HOME) Program Agreement with Community Housing Initiative, Inc. (CHI) in the amount of $279,799.61 to award funds for the administration of the City's Purchase Assistance Program. Approve a Resolution Amending the FY 2024 HOME Budget, BAF#24-068-A, trueing up the Fiscal Year 2024 accounts. Approve a Resolution to Waive Competitive Bidding.
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BACKGROUND:
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On February 27, 2024 City Council approved the FY 2023/2024 HOME Disbursement Agreement between the City of Cocoa and Brevard County in the amount of $310,488.38. The HOME Disbursement Agreement included funding the First Time Homebuyer Program with FY 2023/2024 grant allocation of $74,089.67 and carry forward funds of $236,398.71. Staff is proposing to allocate a total of $279,799.61 towards First Time Homebuyer Program, to assist six (6) low-income households with closing cost and down payment assistance, towards the purchase of a home within the city limits of Cocoa. Five (5) of those will be set aside for homes that CHI are currently building in Diamond Square Community Redevelopment Area (DSCRA). These five (5) homes are part of the Michael C. Blake Subdivision.
The First Time Homebuyer (FTHB) Program provides down payment and closing cost assistance to income eligible, first-time homebuyers, using funds provided form the grant programs. The administration of the FTHB includes marketing, pre-screen applicants, income verification, underwriting, underwriting, property inspections, closing document review, preparation and recording of mortgage documents, homebuyer education and counseling, budgeting, housing and debt ratios, fair housing, mortgage default prevention, post-closing responsibilities, and hurricane preparedness.
The amount of the ...
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