TO: Mayor and Commission AGENDA DATE: 8/4/2025
FROM: City Manager AGENDA ITEM: 7 - D
SUBJECT:
Title
Request for approval to expend no more than $55,000.00 in Florida Housing Finance Corporation State Housing Initiatives Partnership (SHIP) funds for the Purchase Assistance project listed below.
Body
LOCATION:
728 Vicksburg Street
COST:
Cost not to exceed $55,000.00
SOURCE OF FUNDS:
Florida Housing Finance Corporation (SHIP) (104540-524900-51003)
ORIGINATING DEPARTMENT:
Housing and Community Development
POTENTIAL MOTION:
Recommendation
“I hereby move to direct staff to move forward with the Purchase Assistance project for the property located at, 728 Vicksburg Street, in the amount of $51,000.00 for Purchase Assistance and $4,000.00 for Closing Costs, the property’s expenditures will not exceed $55,000.00, and Staff will utilize Florida Housing Finance Corporation SHIP funds to fund the purchase assistance.”
END
BACKGROUND:
Background
The City is an entitlement community and receives funds from the Florida Housing Finance Corporation under the State Housing Initiatives Partnership (SHIP) program. The City operates a SHIP approved program known as Purchase Assistance (PA). The PA program assists first-time homebuyers with down payment assistance and closing cost to purchase a home.
Staff has determined the households/properties below should be considered “low to moderate” income, based on income and household size (number of people residing in the house). The income thresholds are predicated on area median income data derived from the Deltona, Daytona Beach, and Ormond Beach Municipal Statistical Area (MSA).
The SHIP income approved properties are:
728 Vicksburg Street
Finally, the State funds invested in these properties will be subject to a non-interest-bearing lien with a thirty (30) year life. If the properties are sold or refinanced within the this timeframe, the City will need to be repaid the money invested in these properties. However, if the present owners remain in the properties beyond the thirty (30) year timeframe, the lien will be forgiven.
Housing programs administered by the City offer several key benefits. The Purchase Assistance Program helps households achieve homeownership by reducing financial barriers. In doing so, the program strengthens the stability of the City's housing stock and fosters neighborhood investment. Increased homeownership contributes to rising property values, not only for assisted homes but for surrounding properties as well, resulting in a broader tax base that benefits the entire community.
End