Title:
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Approve and accept the HOME and NSP monthly report for March 2024 pursuant to Seminole County Resolution No 2015-R-51, and No 2013-R-61. Approve the Seminole County General Housing Trust Fund quarterly report, pursuant to Ordinance No 2021-14 for the 2nd quarter. Countywide (Allison Thall, Community Services Director).end
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Division:
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Community Services - Community Development
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Authorized By:
Allison Thall
Contact/Phone Number:
Stacey Smithwick/407-665-2362
Background:
The HOME Investment Partnerships Program (HOME) provides formula grants to states and localities that communities use - often in partnership with local nonprofit groups - to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people. HOME is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. HOME funds are awarded annually as formula grants to participating jurisdictions. The 23/24 HOME award is $987,771.
NSP
The Neighborhood Stabilization Program (NSP) was established for the purpose of providing emergency assistance to stabilize communities with high rates of abandoned and foreclosed homes, and to assist households whose annual incomes are up to 120 percent of the area median income (AMI). The U.S. Congress appropriated three rounds of NSP funding. Congress has not allocated any additional funds to NSP since the third round of funding, and most grantees are in the process of completing activities and closing out their grants. The County received Neighborhood Stabilization Program funds from the U.S. Department of Housing and Urban Development (HUD) in the amount of $11,014,692 between NSP 1 and NSP 3 to purchase and redevelop foreclosed and abandoned homes and residential properties.
ATTAINABLE HOUSING
The County receives and maintains funds in the General Housing Trust Fund which will be used at the discretion of the Board of County Commissioners to assist in the production of affordable housing by for-profit, nonprofit developers, and organizations and for emergency transitional housing. There is a need to produce affordable housing in the urban service/infill areas to provide rental and homeownership opportunities for Seminole County’s workforce. A diverse housing stock that is accessible and affordable to a variety of households is essential to a sustainable and equitable community. On March 23, 2021, the Board approved Ordinance No 2021-14, the Seminole County General Housing Trust Fund, and requested the Community Services Department submit a quarterly written report.
Requested Action:
Staff is requesting action to approve and accept the HOME and NSP monthly report for March 2024 pursuant to Seminole County Resolution No 2015-R-51, and No 2013-R-61. Approve the Seminole County General Housing Trust Fund quarterly report, pursuant to Ordinance No 2021-14 for the 2nd quarter.