R09-060
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1 RESOLUTION R09- O~O
2
3 A RESOLUTION OF THE CITY COMMISSION OF
4 THE CITY OF BOYNTON BEACH, FLORIDA,
5 ADOPTING POLICIES AND PROCEDURES TO
6 IMPLEMENT THE CITY'S COMMUNITY
7 DEVELOPMENT BLOCK GRANT NEIGHBORHOOD
8 ST ABILIZA TION PROGRAM (NSP); PROVIDING AN
9 EFFECTIVE DATE.
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11 WHEREAS, the NSP was established through Title II, Division B of the Housing
12 and Economic Recovery Act of 2008 for the purpose of assisting cities in the redevelopment
13 and reuse of abandoned and foreclosed homes; and
14 WHEREAS, the City Commission adopted the NSP via Resolution R08-139 on
15 November 18, 2008; and
16 WHEREAS, staff is recommending the adoption of policies and procedures in order
17 to implement the NSP; and
18 WHEREAS, upon the recommendation of staff, the City Commission deems it to
19 be in the best interests of the citizens and residents of the City of Boynton Beach to adopt
20 the policies and procedures herein in order to implement the City's Community
21 Development Block Grant Neighborhood Stabilization Program.
22 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
23 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
24 Section 1. The foregoing "Whereas" clauses are true and correct and are hereby
25 ratified and confirmed by the City Commission.
26 Section 2. The City Commission of the City of Boynton Beach, Florida, hereby
27 adopts the following policies and procedures to implement the City's Community
28 Development Block Grant Neighborhood Stabilization Program:
S'\CA\RESO\NSP implementing policies and procedures.doc
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1 1. Targeting low and very low income buyers. There will be opportunities for
2 households earning up to 120% of the area median income to acquire homes.
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4 2. U sing community/neighborhood friendly non-profit entities, selected through
5 a competitive process, that have3 experience in working with low income
6 buyers. It should be noted that the Department of Housing and Urban
7 Development (HUD) specifically encourages the use of such community and
8 faith based entities in its programs.
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10 3. Using NSP for homebuyer subsidies and leveraging SHIP and other funding
11 sources such as Federal Home Loan Bank of Atlanta AHP funding.
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13 4. Strong homebuyer education and credit counseling.
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15 5. Use of alternative credit such as consistent rent and utility payments.
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17 6. Securing properties through bank Real Estate Owned (REO's) and Fannie
18 Mae in order to minimize costs.
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20 7. Use of credible secondary market entities to purchase mortgages and entice
21 lenders to loosen credit to low and very low income buyers.
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23 Section 3. This Resolution shall become effective immediately upon passage.
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24 PASSED AND ADOPTED this 7 day of April, 2009.
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26 CITY OF BOYNTON BEACH, FLORIDA
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38 ATTEST:
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