Broward County Commission Regular Meeting

MOTION TO ADOPT unanticipated revenue Resolution No. 2014-217 to recognize Broward County State Housing Initiatives Partnership (SHIP) Program Income Funds in the amount of $138,680; authorizing the County Administrator to take the necessary administrative and budgetary actions to implement same.

ACTION: (T-10:17 AM) Approved.

VOTE: 8-0. Commissioner Kiar was not present.

Board action is required to approve unanticipated revenue Resolutions.

This action allows the County to recognize program income funds, and to continue to implement and administer the SHIP Program.

None.

THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY DEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.

The funds being recognized in the amount of $138,680 were generated from October, 2012 through September, 2013.  Program Income is generated from the interest earned on the balance in the Affordable Housing Trust Fund account, repayments from the second mortgage loan program, and from SHIP assisted applicants who pay off their deferred payment loans prior to the expiration of the loan term.  These funds will be available to the Purchase Assistance Program to provide closing costs and down payment assistance to qualified homebuyers in an amount of up to $20,000 for purchasing homes in cities which do not receive SHIP funds, or assistance to qualified homebuyers up to $10,000 for purchasing in cities which do receive SHIP funds directly from the State as listed on Exhibit 1; therefore, these funds will assist a minimum of seven homebuyers or a maximum of 13 homebuyers, with 5% or $6,934 for program administration.