R13-005 Ir
1 RESOLUTION R13 -005
2
3
4 A RESOLUTION OF THE CITY COMMISSION OF THE
5 CITY OF BOYNTON BEACH, FLORIDA, AMENDING THE
6 NEIGHBORHOOD STABILIZATION PROGRAM 3 (NSP3)
7 TO EXPAND THE TARGET AREAS AND REVISE
8 FINANCING MECHANISM FOR OCEAN BREEZE
9 SUBDIVISION; PROVIDING AN EFFECTIVE DATE.
10
11
12 WHEREAS, the Neighborhood Stabilization Program (NSP -3) allows entitlement
13 communities to purchase eligible properties that must be located in areas of greatest need
14 based upon the number of homes in foreclosure, number of homes with subprime mortgages
15 and areas likely to rise in foreclosure; and
16 WHEREAS, due to limited availability and suitability of the existing units in the
17 original NSP3 target area, and upon further analysis of the data, staff recommends that the
18 NSP -3 application be amended to include additional areas of greatest needs to its program;
19 and
20 WHEREAS, staff is proposing a change to the Financing Mechanisms /Direct
21 Homeownership Assistance to Forgivable Construction Loan/Use E to provide a
22 construction loan for the construction of new housing in the Ocean Breeze project; and
23 WHEREAS, upon the recommendation of staff, the City Commission deems it to
24 be in the best interests of the citizens and residents of the City of Boynton Beach to approve
25 amending the Neighborhood Stabilization Program 3 (NSP3) to expand the target areas and
26 revise financing mechanism for Ocean Breeze subdivision.
27 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
28 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
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Section 1. The foregoing "Whereas" clauses are true and correct and are hereby
2 ratified and confirmed by the City Commission.
3 Section 2. The City Commission of the City of Boynton Beach, Florida, hereby
4 approves the amendment to the Neighborhood Stabilization Program 3 (NSP3) to expand the
5 target areas and revise financing mechanism for Ocean Breeze subdivision.
6 Section 3. This Resolution shall become effective immediately upon passage.
7 PASSED AND ADOPTED this /Sly of January, 2013.
8
9 CITY 0 : OYNTON BEACH, FLOR ?A
10 _
11 / �`
12 ayor - o
13 °^
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15 ic . Ma ray
16 <-------1 2
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18 C . ' sione f Jerry It •
19 1./ _ i'
20
21 Commission Ern ' • zman
22
23 Lt/ 4t,L
24 Commissioner - W ne Segal
25
26 ATTEST:
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28
29
30 Jan M. Prainito, MMC
31 y Clerk
32 Arc
33 , t.;
34 Rt }s;�
35 i
36 . rpo to Seal
37 •_
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