R14-060 RESOLUTION R14 -060
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4 , A RESOLUTION OF THE CITY COMMISSION OF
5 THE CITY OF BOYNTON BEACH, FLORIDA,
6 APPROVING AN AMENDMENT TO THE CITY'S
7 STATE HOUSING INITIATIVES PARTNERSHIP
8 , 1 (SHIP) PROGRAM LOCAL HOUSING ASSISTANCE
9 ! PLAN (LHAP) INCREASING THE AMOUNT OF
10 j 1 SUBSIDY FOR FIRST TIME HOMEBUYERS AND
111 REDUCING THE TERM OF THE CITY'S
12 MORTGAGE; PROVIDING AN EFFECTIVE DATE.
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15 WHEREAS, the City's current LHAP was written for the period of 2012 through
16 1 + 2015 when the City received minimal funding in the amount of $54,000; and
17 i , WHEREAS, the City of Boynton Beach has been notified that it will be receiving
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18 11 $320,403 in SHIP funds for fiscal years 2014/15; and
19 WHEREAS, in order to meet the current increase in housing conditions and utilize
20 the anticipated funds, staff is requesting an increase in their homebuyer subsidies; and
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21 WHEREAS, the individual awards will be protected by placing an encumbrance by
22 way of a second mortgage on the purchased property for a period of fifteen years; 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 amend
25 the City's State Housing Initiatives Partnership Program Local Housing Assistance Plan
26 increasing the amount of subsidy for First Time Homebuyers and reducing the term of the
27 City's mortgage.
28 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
29 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
30 Section 1. The foregoing ``Whereas" clauses are true and correct and are hereby
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I ratified and confirmed by the City Commission.
2 Section 2. The City Commission of the City of Boynton Beach, Florida, hereby
3 approves and amendment to the City's State Housing Initiatives Partnership Program Local
4 Housing Assistance Plan increasing the amount of subsidy for First Time Homebuyers and
5 ; reducing the term of the City's mortgage to fifteen years.
6 Section 3. This Resolution shall become effective immediately upon passage.
7 PASSED AND ADOPTED this 16 day of July, 2014.
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9 ! ; CITY OF BOYNTON BEACH, FLORIDA
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1 21;x. •\ Tay
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15 Vi e Mayor — Joe Casello
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18 i I Commiss • • — I • • • . erker
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21 ; ':••�� r — Ma •c ray
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24 Commissioner — Michael M. tzpatrick
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26 ATTEST:
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30 � ! _ _ • •
31 fliWt M. Prainito, MMC
32 ty Clerk
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35 t ��
36 ( • at
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