Item C2
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: November 22, 2000
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution authorizing the purchase and conveyance of property
for the purpose of providing affordable housing in partnership with Monroe County Housing Authority.
Item Background: This item is proposed to assist the Monroe County Housing Authority (MCHA) in
providing affordable housing for the long term in the form of single-family homes for rent. The subject
property consists of three vacant lots in Johnsonville subdivision on Big Coppitt Key. Once this property
has been purchased, the Land Authority will subsequently impose permanent deed restrictions and
convey the property to MCHA for development with single-family homes on each of the three lots.
MCHA will in turn rent the homes to persons having household incomes of 100% or less of the county
median (currently $49,300 per year) and otherwise qualifying under MCHA's affordability policy and
Monroe County regulations. Rents will not exceed 30% of the applicable household income category.
Based on the current income statistics for Monroe County, maximum monthly rents will be $1,230 for
median income families, $986 for low income families, and $616 for very low income families. The
actual rents may be lower, depending on the availability of other grant funding.
The Land Authority's standard purchase contract will be used for this purchase. The property's current
assessed value is $50 per lot. The agenda packet spreadsheet lists the legal description, purchase
price, and closing costs for this transaction.
Advisory Committee Action: The proposed purchase price is within the guidelines approved by the
Advisory Committee on October 18, 2000 by a 5/0 vote. The Advisory Committee will review the
proposed deed restriction on November 15, 2000.
Previous Governing Board Action: On June 15, 2000 the Board approved Resolution 04-2000
endorsing the purchase of subdivision lots in partnership with the Monroe County Housing Authority for
development as affordable single-family and duplex rental housing.
Staff Recommendation: Approval.
Total Cost: $ 89,566.00
Budgeted: Yes X
No
Cost to Land Authority: $ 89,566.00 .
Approved By: Attorney ~ ~OMB~p~urc~
Executive Director Approval:
ark J. Rosch
Risk Management
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #2
Property
Johnsonville (PB 1-53)
Block 9, Lots 10, 11 & 12
Hernandez
FY 01 Plan 2000 FL Keys ACSC
Less Previous Encumbrances
Less Proposed Encumbrances
Unencumbered Balance
Purchase
Price
$88,500,00
$1,573,600.00
($232,431.00)
($89,566.00)
$1,251,603,00
PURCHASE CONTRACTS
11/22/00
Envr. Audit, Survey
or Clean-up
N/A
Title
Insurance
$617,50
Attorney
Fee
$442,50
Recording
Fee
$6,00
Acquisition
Total
$89,566,00
RESOLUTION NO,
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE PURCHASE AND CONVEYANCE OF PROPERTY FOR
THE PURPOSE OF PROVIDING AFFORDABLE HOUSING IN
PARTNERSHIP WITH THE MONROE COUNTY HOUSING
AUTHORITY.
WHEREAS, section 380.0666(3), Florida Statutes (FS) and section 9.3-2, Monroe County Code,
empower the Monroe County Comprehensive Plan Land Authority (hereinafter "Land Authority")
to acquire an interest in real property for the purpose of providing affordable housing to very low,
low, and moderate income persons as defined in section 420.0004, FS, where said acquisitions
are consistent with a comprehensive plan adopted pursuant to Chapter 380, FS; and
WHEREAS, on June 15, 2000, the Land Authority Governing Board adopted Resolution 04-
2000 pertaining to Monroe County Housing Authority Plan 2000, which includes the strategy of
scattered site single-family and duplex rental housing as a means of providing long-term
affordable housing in a manner consistent with the community character of the Keys; and
WHEREAS, as a means of implementing the scattered site rental strategy, Resolution 04-2000
calls for the Land Authority to purchase vacant subdivision lots and convey same to the Monroe
County Housing Authority, subject to deed restrictions addressing affordability requirements;
and
WHEREAS, the Land Authority Advisory Committee considered this resolution at meetings held
on October 18, 2000 and November 15, 2000 and recommends ; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY:
Section 1. The Chairman of the Land Authority Governing Board is hereby authorized to sign
the Land Authority's standard purchase contract for the purchase of Block 9, Lots 10, 11, and
12, Johnsonville subdivision (PB 1-53) on Big Coppitt Key (hereinafter "subject property") at a
purchase price of $88,500.00.
Section 2. At closing, the Chairman of the Land Authority Governing Board is hereby authorized
to sign a deed conveying the subject property to the Monroe County Housing Authority. Said
deed shall restrict future use of the property to the guidelines specified in Section 3 below.
Section 3. Future use of the subject property is limited to residential development for occupancy
by very low, low, or moderate income persons as defined in section 420.0004, Florida Statutes,
and as further restricted by Monroe County regulations and the Key West Housing Authority
rental affordability policy in Attachment A. Notwithstanding the 50-year affordability period in the
Housing Authority affordability policy, this deed restriction shall not expire and may only be
released by the Land Authority.
Page 1 of 2
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
regular meeting on this day of 2000.
(Seal)
ATTEST:
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Mark J. Rosch
Executive Director
Nora Williams
Chairman
Approved for Legal Sufficiency
Larry R. Erskine
Page 2 of 2
ATTACHMENT A
Monroe County Housing Authority
Rental Affordability Policy
POLICY - The Authority's rental Affordability Policy shall be as follows:
1. Income targeting shall be at 80% of median adjusted for family
size. Income targeting may increase to 120% to maintain
occupancy levels and financial feasibility but not to exceed 40% of
project units.
2. Rental rates shall be the same as the Housing Credit Program as
adjusted annually.
3. The period of affordability shall be 50 years.
4. The compliance requirements shall be the same as the Housing
Credit Program as contained in the Florida Housing Finance
Corporation Compliance Manual and shall be the responsibility of
the developer to insure compliance annually.
5. The program requirements for the Housing Credit, Mortgage
Revenue Bond, State Apartment Incentive Loan and Home
programs when competitively obtained require lower income
targeting (rents), which take precedence when utilized.
6. The U.S. Department of Housing and Urban Development
occupancy requirements (family composition) shall be adhered to,
as it pertains to maximum occupancy only.
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10
Island
Big Coppitt Key
Property
Johnsonville Subdivision and Coppitt Subdivision
.