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Resolution 245-2009 RESOLUTION NO. 245 ,2009 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY, FLORIDA APPROVING AN AMENDMENT TO THE 2008/2009/2010 LOCAL HOUSING ASSISTANCE PLAN AS REQUIRED BY THE STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM, AUTHORIZING THE ADOPTION OF THE "FLORIDA HOME BUYER OPPORTUNITY PROGRAM" (FHOP) STRATEGY AND THE SUBMISSION OF THE AMENDED LOCAL HOUSING ASSISTANCE PLAN TO THE FLORIDA HOUSING FINANCE CORPORATION. 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 SHIP funds will be used; and WHEREAS, The Monroe County Housing Authority prepared a 2008/2009/2010 Local Housing Assistance Plan which was approved by the Monroe County Board of County Commissioners and the Florida Housing Finance Corporation; and WHEREAS, the Florida Housing Finance Corporation has been charged to implement Specific Appropriation 1570 of the 2009-2010 General Appropriations Act; and WHEREAS, the state program shall be called the "Florida Homebuyer Opportunity Program" (FHOP); and WHEREAS, the Florida Homebuyer Opportunity Program Strategy is designed in response to the legislative proviso requiring SHIP local governments to expend 2009-2010 funds to ensure that residents of the state derive the maximum possible economic benefit from the federal First-time Homebuyer Tax Credit created through The American Recovery and Reinvestment Act of 2009 by providing subordinate down payment assistance loans to first time home buyers for owner- occupied primary residences which can be repaid by the income tax refund the homebuyer is entitled to under the First Time Homebuyer Credit; and WHEREAS, the Florida Housing Finance Corporation is responsible for administering the Florida Homebuyer Opportunity Program to optimize eligibility for conventional, V A, USA, FHA and other loan programs through the State Housing Initiatives Partnership (SHIP) program; and WHEREAS, up to ten percent (10%) of funds received may be used for administrative expenses to implement the FHOP and not more than .25 percent (.25%) may be used to compensate the Florida Housing Finance Corporation for the expenses associated with compliance monitoring; and WHEREAS, prior to December 1, 2009 or any later date established by the Internal Revenue Service, counties receiving funds shall expend the funds appropriated under Specific Appropriation 1570A only, to provide subordinate loans to perspective first-time homebuyers under the FHOP. The funds appropriated under Specific Appropriation 1570A may not be used for any other program currently existing under ss. 420.907-420.9079, Florida Statutes. Thereafter, the funds shall be expended in accordance with ss. 420.907-420.9079, Florida Statutes. NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County Florida, that the County hereby: Authorizes the amendment to the 2008/2009/2010 Monroe County Local Housing Assistance Plan to incorporate the "Florida Homebuyer Opportunity Program" (FHOP) Strategy. r- N ~ c ~ IS PASSED AND ADOPTED by the Board of County Commissioners of Monroe ~ournY, FJ.grida at a regular meeting of said Board held on the 19th day of August, 2009. .. (,:J w- e <t,...: ~,.: a: :t: <-.) ;~- --l . -, ",. c o:~,-:::~ :x:: u (5 __::::c C) ~t"".''''''''f.:' :t; =: g Zu-"" <J: C) o L Mayor George Neugent Mayor Pro Tern Sylvia Murphy Commissioner Mario DiGennaro Commissioner Kim Wigington Commissioner Heather Carruthers Yes Yes Yes Yes Yes BOARD OF COUNTY COMMISSIONER OF MONR~E OUNTY, FLO~ , J-.. ~~4 ~ J~Cae.(J 'OJ By: IT I Mayor George Neugent Approved as to legal sufficiency: Date: ~. t:: 66UNTY nOR, EVY.. i ~RO)IfED AS ;; rY'j, ~. ~"'-<."''- PEDRO J. RCADO" ~ / ASSISTANT CO TY ATTORNEY <tJ3/o 'i: , Date EXHIBIT A Resolution 245 , 2009 D. Name of the Strategy: Florida Homebuyer Opportunity Program (FHOP) a. Summary of the Strategy: This strategy is designed in response to the legislative proviso requiring SHIP local governments to expend 2009-2010 funds to ensure that residents of the state derive the maximum possible economic benefit from the federal first time homebuyer tax credit created through The American Recovery and Reinvestment Act of 2009 by providing subordinate down payment assistance loans to first time homebuyers for owner occupied primary residences that can be repaid by the income tax refund the home buyer is entitled to under the First time Homebuyer Credit. The state program shall be called the "Florida Homebuyer Opportunity Program" (FHOP). b. Fiscal Years Covered: 2009/2010 or until expiration of the federal first-time homebuyer tax credit. c. Income Categories to be Served: Up to $75,000 for single taxpayers or $150,000 for joint filers. There is no requirement to reserve 30 percent of the funds for awards to very-Iow- income persons or 30 percent of the funds for awards to low-income persons; and there is no requirement to expend 75% of funds for construction, rehabilitation or emergency repair. d. Maximum Award: Maximum award is the principal balance of the loans provided shall not exceed 10% of the purchase price or $8,000 whichever is less. e. Terms, Recapture and Default: Mortgage loans will be forgiven if the loan is repaid within 18 months from the date of closing. The homebuyer(s) shall be expected to use their federal income tax refund to fully repay the loan. If the county receives repayment from the homebuyer( s) within 18 months after the closing date of the loan, the county shall waive all interest charges and fees. A homebuyer who fails to fully repay the loan within 18 months of the date of closing, shall be subject to monthly repayments of the outstanding debt amortized over 60 months at 6% per annum. Loans repaid during the period when there is still an active home buyer tax credit program must be used to help more FHOP buyers. Once the tax credit program ceases to exist, all funds repaid to the county shall be considered "program income" as defined in s. 420.9071 (24) and can be utilized on any SHIP strategy. f. Recipient Selection Criteria: Recipients must meet the requirements of the following; the maximum income limit shall be Adjusted Gross Income of $75,000 for single taxpayer households or $150,000 for joint-filing taxpayer households which is equal to that permitted by the American Recovery and Reinvestment Act of 2009.