Subject:
Title
Approval: RE: Housing and Human Services Department Purchase Assistance Policy (HS-027) for the U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnership Program
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Fiscal Impact:
FY 22/23 - There will be no impact to the General Fund
Dept/Office:
Housing and Human Services Department
Requested Action:
Recommendation
It is requested that the Board approve the attached changes and updates to the Housing and Human Services Department Purchase Assistance Policy (HS-027) for the U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnership Program.
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Summary Explanation and Background:
Brevard County, Florida receives federal funding from the U.S. Department of Housing and Urban Development (HUD) through the HOME Investment Partnerships Program (HOME) to support affordable housing and community development initiatives serving low-and moderate-income individuals in the community. Brevard County utilizes a portion of HOME funding for a Purchase Assistance Program (First Time Homebuyer).
Additionally, the Board of County Commissioners identified American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds (SLFRF) to support Affordable / Workforce Housing on October 25, 2022. Per U.S. Treasury guidance on using SLFRF for affordable housing (https://home.treasury.gov/system/files/136/Affordable-Housing-How-To-Guide.pdf), there are two ways that expenditures can be presumptively eligible:
1. The project must meet the core requirements of a federal housing program, such as HOME which allows assistance to families up to 80% of Area Median Income (AMI) which is currently $64,950 for a family of four, or
2. funds used for affordable rental housing are presumptively eligible if the units funded serve households at or below 65% of AMI ($47,190 for a family of four) for a period of 20 years or greater.
Due to these requirements, the expenditure timeline of SLFRF, and recognizing already existing ...
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