Loading...
Resolution 629-2006 RESOLUTION 629 - 2006 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA APPROVING AN AMENDMENT TO THE MONROE COUNTY LOCAL HOUSING ASSISTANCE PLAN (LHAP) FOR STATE OF FLORIDA FISCAL YEARS 2004-2005, 2005-2006, 2006-2007 DELETING THE SHARED APPRECIATION PROVISION FOR PROPERTIES UTILIZING AFFORDABLE HOUSING PERMITS. WHEREAS, the State Housing Initiatives Partnership (SHIP) Act, SS. 420.907 -420.9079, Florida Statutes (1992) and Rule Chapter 67-37, Florida Administrative code, required local governments to develop a Local Housing Assistance Plan (LHAP) outlining how funds will be used; and, WHEREAS, the Monroe County's Local Housing Assistance Plan for the State of Florida fiscal years 2004-2005, 2005-2006, 2006-2007 was previously adopted and amended by the Monroe County Board of County Commissioners and approved by the Florida Housing Finance Corporation; and, WHEREAS, the Monroe County Housing Authority, Administrator of the Monroe County State Housing Initiatives Partnership (SHIP) Program, is recommending approval of the attached amendment in order to equitably provide for shared appreciation in the funding of the HOMEBUYER ASSISTANCE STRATEGY, maximizing the public purpose use of said funds and meet expenditures requirements within F.S. 420.907-420-9079. NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County, Florida, that the County hereby: Approves the Amendment to the Monroe County State Housing Initiatives Partnership (SHIP) Program, Local Housing Assistance Plan (LHAP), Homebuyer Assistance Strategy, attached hereto as "Exhibit A ", deleting the Shared Appreciation Provision for properties utilizing affordable housing permits. PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a regular meeting of said Board on the 20th day of December, A.D., 2006 Mayor Di Gennaro Mayor Pro Tern Spehar Commissioner McCoy Co~sf'rO~rphy Coltun;;sSionerNngept , ." .. , Yes Yes BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA By: ~4t4~{);~ Mayor Mario Di Gen aro --Yes.- Yes Yes SEAL . Approved as to legal sufficiency: c;,?'" cOYNJY WOPJlE~ N Date L..!!:::,/O~.6 ::r. !i? <:::> ::,j ),. c-.)C"')~ hjt-:-<:. C'").""''''' ;2<-,.r- ;.*~~,; .h. .C) . r;-; S;:: ~ ~ ~ ~ ~ ~ '. - c., :::; ,.... ,Q.l .~ .::J :..-~ ::0 t)) '-" .!5 Name: Description: Fiscal Years: Income Levels: Selection Criteria: Type of Assistance: Recapture: Shared Appreciation Provision: EXHIBIT 'A' HOMEBUYER ASSISTANCE Funding assistance for the purchase or construction of single-family residential property, including condominiums or townhouses. 2004-2005,2005-2006 and 2006-2007 Very Low, Low and Moderate Applications accepted from public entities and non-profit affordable housing providers will be ranked in order of greatest amount of leverage funds committed to the project. Secondary ranking will be in order of receipt of application. Annually, 80% of funds budgeted under this strategy will be set aside for public entities and non-profit affordable housing providers who have submitted applications during the annual application cycle. In the event all set aside funds are not committed or delivery of housing units is delayed, those funds are available for commitment to individual applicants who have a valid contract for purchase for "eligible homes" on a first come/first ready basis. For-profit entities constructing affordable units utilizing city or county affordable permits will be considered "public entities". Applicants who have been determined income eligible for program assistance will be placed on a waiting list according to their income classification, and will receive assistance on a first come/first ready basis. Applicants may submit a completed SHIP application to the Monroe County Housing Authority at any time, unless the waitmg list is closed or until annual funding is expended. Mortgage loans to public entities and non-profit affordable housing providers creating housing for very low and/or low-income households not to exceed $45,000 inclusive of closing costs. Mortgage loans to individual households not to exceed $45,000 inclusive of closing costs. Mortgage loans will be a deferred payment loan for a period of thirty (30) years with zero interest. Due and payable upon sale or transfer of the property, thirty years, or failure to comply with the terms of the mortgage, whichever comes first. All SHIP funds under this strategy are subject to a mortgage that shall contain recapture provisions which provides for shared appreciation between the buyer(s) and the Monroe County SHIP Program. The amount due Monroe County upon sale or transfer of the property shall be determined by calculating the sum of the principal balance of the SHIP loan and 50% of the appreciated value. The appreciated value shall be the difference between the purchase price at the time of purchase and the sales price at the time of sale, less the value of permitted improvements and real estate sales commission. The only exception to this provision shall be those homes built utilizing Affordable Housing Permits containing provisions limiting the appreciation of the home's value upon resale which will ensure its continued affordability. Other: Buyer(s) must contribute a minimum three percent (3%) buyer contribution. Property must meet minimum health and safety standards as defined under the U.S Department of Housing and Urban Development's, Housing Quality Standards (HQS). Any HQS deficiencies must be corrected prior to or as part of the purchase transaction. In the case of new construction, a Certificate of Occupancy (CO) may be substituted for the HQS inspection. Entities and applicants proposing to construct new housing will be required to provide sufficient evidence of readiness to proceed prior to the issuance of a SHIP commitment (site control, permit allocation, financial capacity...). Public agencies and/or non-profit affordable housing development organizations will be required to provide sufficient evidence affordability prior to the issuance of a SHIP commitment (deed restrictions, affordability criteria, initial sales price, resale price restrictions, land lease, client selection criteria, construction budget...). Public agencies and/or non-profit affordable housing development organizations may request the SHIP loan be assumed by subsequent buyer(s) if the following conditions are determined to exist at the time of sale: 1. Prospective buyer meets SHIP income eligibility gUIdelines for very low or low income. 2. The transaction maintains the properties affordability to the prospective buyer. 3. Long term affordability criteria are recorded, enforced and for a period not less than the term of the SHIP mortgage and the transaction is consistent with such affordability criteria. Mortgage loans to entities, which retain control of the land under the terms of a ground lease, shall extend to land and improvements.