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-re...
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