Subject:
Title
Approval of Settlement Agreement with North Brevard Charities Sharing Center, Inc. ($61,513.64)
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Fiscal Impact:
FY20-21 - There will be no impact to the General Fund. Settlement funds will be placed back into the State Housing Initiatives Partnership fund as program income to be reused for program activities.
Dept/Office:
Housing and Human Services
Requested Action:
Recommendation
It is requested that the Board of County Commissioners approve and authorize: (1) the County Manager or designee to sign a Settlement Agreement with North Brevard Charities Sharing Center, Inc., in the amount of $61,513.64 upon approval by the County Attorney and Risk Management, (2) the funds be allocated back to the State Housing Initiatives Partnership (SHIP) fund, (3) the execution of a satisfaction of the Mortgage Deed and Security Agreement with North Brevard Charities Sharing Center, Inc., corresponding to these properties, (4) the County Manager or designee to complete all required actions and execute all necessary documentation upon approval by the County Attorney and Risk to convey these properties to the Allen Condo Association, Inc., and (5) the County Manager to execute all necessary budget change requests.
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Summary Explanation and Background:
In 2008, approval was given to purchase two condos in Cocoa (1711 Dixon Boulevard, Unit 53 and Unit 66). The initial allocation was $45,000 per unit ($90,000 total) in State Housing Initiatives Partnership (SHIP) funds, which included all acquisition and rehabilitation costs. The units were intended to be rented to households at or below 30% of area median income for twenty years. Subsequent issues with the originally approved agency required the transfer of the properties to a more stable organization. North Brevard Charities Sharing Center, Inc. (NBCSC) was and continues to be a Community Housing Development Organization (CHDO) in good standing and was chosen to receive the properties in 2008.
NBCSC m...
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