Placement: New Business
Action Requested: Motion / Vote
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Hear an Update on the Down Payment Assistance Program, also known as City of Port St. Lucie (PSL) Community Land Trust of Palm Beach County and the Treasure Coast (CLTPBCTC) Homebuyer Assistance Program, Funded by the American Rescue Plan Act (ARPA)
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Submitted By: Alessandra “Alex” Tasca, Deputy Director, Neighborhood Services
Strategic Plan Link: The City’s Mission to be responsive to our community.
Executive Summary (General Business): The ARPA of 2021 was signed into law on March 11, 2021, and allocates direct aid to local governments, including municipalities. Staff will provide an updated recommendation regarding the down payment assistance program being funded by the mortgage assistance funds surplus that was approved for reallocation August 2023.
Presentation Information: A 15-minute presentation will be provided by Alex Tasca and representatives from the Community Land Trust of Palm Beach County and the Treasure Coast (CLTPBCTC).
Staff Recommendation: Move that the Council, based on a current market analysis, approve the proposed revision to the Down Payment Assistance Program, also known as the PSL CLTPBCTC Homebuyer Assistance Program.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the proposed revision.
2. Move that the Council provide staff direction.
Background: The American Rescue Plan Act of 2021 was signed into law on March 11, 2021. The $1.9 trillion package is intended to combat the COVID-19 pandemic, including the public health and economic impacts. On May 10, 2021, the U.S. Department of the Treasury announced the launch of the Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021, to provide $350 billion in emergency funding for state, local, territorial, and Tribal governments. Treasury also released guidelines detailing how funds can be used to respond to acute pandemic-response needs, fill revenue shortfalls among state and local governments, and support the communities and populations hardest-hit by the COVID-19 crisis. The City of Port St. Lucie received funding direct from the Treasury Department and was allocated $24,739,425. The State and Local Coronavirus Fiscal Recovery Funds were disbursed in two funding cycles. Under the SLFRF, funds must be used for costs incurred on or after March 3, 2021. Further, costs must be obligated by December 31, 2024, and expended by December 31, 2026. Staff will provide a presentation that includes project updates and recommendations for the City’s PSL CLT Homebuyer Assistance Program allocation.
Issues/Analysis: Staff recommendation for the development of the PSL CLT Homebuyer Assistance Program including revisions due to a market analysis conducted in March 2024.
Financial Information: Funding has been accessed through the U.S. Treasury. The City of Port St. Lucie has received a total allocation of $24,739,425. $408,188 of ARPA was approved to be allocated to Down Payment Assistance also known as PSL CLT Homebuyer Assistance Program in August 2023.
Special Consideration: N/A
Location of Project: City-wide
Attachments: PSL CLT Homebuyer Assistance Program Presentation, Exhibit A: Market Analysis Subsidy Chart for $50,000, Exhibit B: Market Analysis Subsidy Chart for $100,000.
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: N/A
Legal Sufficiency Review:
N/A