HomeMy WebLinkAbout2005 01 10 Regular Item 504 Home Again Funds
011005_ COMM_Add_ On_Regular_504]HFC]unding
COMMISSION AGENDA
ADD-ON
ITEM 504
Consent
Informational
Public Hearing
Regular X
December 10. 2005
Regular Meeting
-~
Mgr. /
Authorization
Dept.
REQUEST: City Manager requesting consent and authorization to apply for $300,000 in
HOME Again funds through the Florida Housing Finance Corporation (FHFC).
PURPOSE:
This agenda item is needed to obtain the consent of the City Commission to apply for HOME
Again funds.
CONSIDERATIONS:
The FHFC has released $21 million in HOME funds to assist hurricane damaged communities.
Winter Springs is eligible to apply for up to $300,000. Low income homeowners may use the
funds to repair hurricane damaged homes. Program participants must earn 80 percent or less of
the area median income to be eligible. Based on this criteria, a family of four would have to earn
less than $43,750 per year. The amount of the assistance received is recorded as a O-percent
interest note against th,e homeowner's property. The note is due and payable to FHFC if the
house is sold or is no longer the owner's primary residence. The program is only available to
low-income property owners, and previously completed repairs are not eligible for
reimbursement. If the city wishes to apply for HOME Again funds, FHFC must receive the
application by January 28,2005.
011005 _ COMM _Add_On _Regular _504 ]HFC ]unding
FUNDING:
The funding for this program is provided entirely by FHFC's Home Again program.
Administration and construction management costs are allowable program expenses. Local
matching funds are not required. Therefore, there is no fiscal impact to the city.
RECOMMENDATION:
It is recommended the Commission authorize the City Manager to apply to FHFC for $300,000
in assistance through the Home Again program.
ATTACHMENTS: None
COMMISSION ACTION: