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R13-005 Ir 1 RESOLUTION R13 -005 2 3 4 A RESOLUTION OF THE CITY COMMISSION OF THE 5 CITY OF BOYNTON BEACH, FLORIDA, AMENDING THE 6 NEIGHBORHOOD STABILIZATION PROGRAM 3 (NSP3) 7 TO EXPAND THE TARGET AREAS AND REVISE 8 FINANCING MECHANISM FOR OCEAN BREEZE 9 SUBDIVISION; PROVIDING AN EFFECTIVE DATE. 10 11 12 WHEREAS, the Neighborhood Stabilization Program (NSP -3) allows entitlement 13 communities to purchase eligible properties that must be located in areas of greatest need 14 based upon the number of homes in foreclosure, number of homes with subprime mortgages 15 and areas likely to rise in foreclosure; and 16 WHEREAS, due to limited availability and suitability of the existing units in the 17 original NSP3 target area, and upon further analysis of the data, staff recommends that the 18 NSP -3 application be amended to include additional areas of greatest needs to its program; 19 and 20 WHEREAS, staff is proposing a change to the Financing Mechanisms /Direct 21 Homeownership Assistance to Forgivable Construction Loan/Use E to provide a 22 construction loan for the construction of new housing in the Ocean Breeze project; and 23 WHEREAS, upon the recommendation of staff, the City Commission deems it to 24 be in the best interests of the citizens and residents of the City of Boynton Beach to approve 25 amending the Neighborhood Stabilization Program 3 (NSP3) to expand the target areas and 26 revise financing mechanism for Ocean Breeze subdivision. 27 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF 28 THE CITY OF BOYNTON BEACH, FLORIDA, THAT: \ \apps3 \autoA Data \166 \Items \158\2252\2899 \Reso - NSP -3 Amendment 011313 doc Section 1. The foregoing "Whereas" clauses are true and correct and are hereby 2 ratified and confirmed by the City Commission. 3 Section 2. The City Commission of the City of Boynton Beach, Florida, hereby 4 approves the amendment to the Neighborhood Stabilization Program 3 (NSP3) to expand the 5 target areas and revise financing mechanism for Ocean Breeze subdivision. 6 Section 3. This Resolution shall become effective immediately upon passage. 7 PASSED AND ADOPTED this /Sly of January, 2013. 8 9 CITY 0 : OYNTON BEACH, FLOR ?A 10 _ 11 / �` 12 ayor - o 13 °^ 14 15 ic . Ma ray 16 <-------1 2 17 18 C . ' sione f Jerry It • 19 1./ _ i' 20 21 Commission Ern ' • zman 22 23 Lt/ 4t,L 24 Commissioner - W ne Segal 25 26 ATTEST: 27 28 29 30 Jan M. Prainito, MMC 31 y Clerk 32 Arc 33 , t.; 34 Rt }s;� 35 i 36 . rpo to Seal 37 •_ \ \apps3\ auto\ Data\ 166\ Items\ 158\ 2252\ 2899 \Reso_- _NSP- 3_Amendment_011313 doc