HomeMy WebLinkAboutSummary Form�J A
Date: 06/26/2009
AGENDA ITEM SUMMARY FORM Law Department
Matter ID No.
FILE ID: tl9'-00705
Requesting Department: Community Development
Commission Meeting Date: 07/23/2009 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ACCEPTANCE OF FUNDS FOR THE IMPLEMENTATION OF THE FLORIDA
HOMEBUYER OPPORTUNITY PROGRAM ("FHOP")
Purpose of Item:
ACCEPTING FUNDS FROM FLORIDA HOUSING FINANCE CORPORATION IN THE AMOUNT
OF $188,561 FOR THE IMPLEMENTATION OF THE FLORIDA HOMEBUYER OPPORTUNITY
PROGRAM ("FHOP"); AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY
DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, TO IMPLEMENT SAID
PROGRAM.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
(SIGN AND DATE)
Budget
Risk Management.
Purchapng4 Dept. Director.
Chief City Manager_
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On February 17, 2009, the President of the United States signed into law The American Recovery
and Reinvestment Act of 2009 which established an $8,000 Federal First -Time Homebuyer Tax
Credit ("FFTHC") for eligible first-time homebuyers purchasing primary residences before December
31, 2009.
On May 27, 2009, the Governor for the State of Florida signed the law implementing the 2009-2010
Appropriations Act, which established the FHOP.
The FHOP program is designed to ensure that residents of the State of Florida derive the maximum
possible economic benefit from the FFTHC by providing subordinate down payment assistance loans
to first-time homebuyers purchasing primary residences. Such loans can be repaid by the income tax
credit refund the homebuyer is entitled to under the FFTHC.
Florida Housing Finance Corporation is authorized to implement this program through the State
Housing Initiative Program ("SHIP").
The City, as a SHIP recipient, is authorized to implement the FHOP which will provide an opportunity
for residents to benefit from the FFTHC.
The Administration recommends the acceptance of funds, not to exceed the amount of $188,561 for
the implementation of the FHOP.