City of Gainesville - File #: 002257

• File #: 002257
• Version: 0
• Name: Homeownership Incentive Program Proposal (B)
• Type: Discussion Item
• Status: Passed
• File created: 1/14/2002
• In control: City Manager
• Final action: 1/14/2002
• Title: Homeownership Incentive Program Proposal (B)

Date	Ver.	Action By	Action	Result
1/14/2002	0	City Commission	Approved as Recommended	Pass

Title

Homeownership Incentive Program Proposal (B)

Explanation

From Fall 2000 through Spring 2001, an Ad Hoc Committee on University Neighborhoods met to discuss various efforts that could be undertaken to enhance the character of the residential neighborhoods surrounding the University of Florida.  One approach discussed was to focus on increasing the percentage of residences that are owner-occupied and as one step toward that goal, for the City to adopt a Homeowner Incentive Program to encourage City employees to purchase homes for owner occupancy in the University Context Area and Community Development Block Grant target area neighborhoods.  Staff proposes a program to provide $5,000 in down payment assistance to City employees purchasing in these neighborhoods so long as the residence stays owner-occupied for ten years.

Fiscal Note

The City Commission has budgeted $50,000 toward this program.

Recommendation

The City Commission:  1) hear a presentation from staff; 2) approve the Homeowner Incentive Program in substantially the form as proposed; and 3) authorize the City Manager to negotiate this employee benefit with the appropriate collective bargaining representatives.