SUBJECT/RECOMMENDATION:
Title
Ratify and confirm the City Manager’s approval of the third allocation of Coronavirus Relief Funds distributed by the Florida Housing Finance Corporation. (consent)
Body
SUMMARY:
The State of Florida has been awarded funds pursuant to section 601(d) of the Social Security Act, as amended by section 5001 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Earlier this year, the Florida Housing Finance Corporation (FHFC) distributed two allocations of Coronavirus Relief Funds (CRF) to local governments to assist individuals and families who have been financially impacted by the COVID-19 pandemic. The two allocations combined for a total of $634,546 in CRF funds to be used by the City for the following program purposes or activities:
i. Rental assistance payments (including back rent, deposits and utility payments);
ii. Mortgage payments;
iii. Housing re-entry assistance, such as security deposits, utility deposits, and temporary storage of household furnishings;
iv. Foreclosure counseling; and
v. 10% of funds expended may be used for administration.
Program guidelines require program closure by December 30, 2020. FHFC announced that, upon request, more funding was available to local governments who expended their CRF funds prior to December 30. As of December 8, the city had expended all CRF funds from the first two allocations; however, many residents still needed assistance. At that time, staff requested an additional $400,000. Staff informed FHFC it would expend as much of the additional funding as possible and would return any unused funds following the December 30 deadline. In total, the city processed payments totaling $853,975 to assist 248 Clearwater families financially impacted by the pandemic. An additional $85,397 was used for program administration. $95,174 will be returned to Florida Housing Finance Corporation.
The City began receiving applications for its Rent, Mortgage and Utilities Assistance Program on August 13, 2020. Economic Development and Housing, Library and Finance staff combined efforts to sift through 1,726 applications. All eligible applications were funded. This intense intradepartmental effort was successful in assisting many Clearwater families in need while ensuring compliance with funding source regulations.
APPROPRIATION CODE AND AMOUNT:
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USE OF RESERVE FUNDS:
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