Item G43G.43
BOARD OF COUNTY COMMISSIONERS
C ounty of M onroe
Mayor David Rice, District 4
Mayor Pro Tem Sylvia J. Murphy, District 5
TheFloridaKeys
Danny L. Kolhage, District 1
George Neugent, District 2
Heather Carruthers, District 3
County Commission Meeting
November 20, 2018
Agenda Item Number: G.43
Agenda Item Summary #4949
BULK ITEM: Yes DEPARTMENT: Social Services
TIME APPROXIMATE: STAFF CONTACT: Sheryl Graham (305) 292-4510
N/A
AGENDA ITEM WORDING: Approval of revised Homebuyer Strategy (#2) in the Local
Housing Assistance Plan (LHAP) to remove language indicating there will be a lottery to serve
eligible applicants. Instead, applicants will apply and receive assistance on a "First Qualified, First
Served" basis. The LHAP is in effect through June 30, 2019.
ITEM BACKGROUND: The State Housing Initiatives Partnership (SHIP) Act, ss.420.907-
420.9079, Florida Statutes (1992), and Rule Chapter 67-37, Florida Administrative Code, requires
local governments to develop a one to three year local housing assistance plan outlining how funds
will be used.
PREVIOUS RELEVANT BOCC ACTION: Approval of the Local Housing Assistance Plan for
Fiscal Years 2016-2017/2017-2018/2018-2019 at BOCC meeting on August 17, 2016.
CONTRACT/AGREEMENT CHANGES:
Revised Strategy
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
REVISED LHAP Resolution 7-26-2016
LHAP Homebuyer Assistance REV 11052018
FINANCIAL IMPACT:
Effective Date: 07/20/2016
Expiration Date: 2019
Total Dollar Value of Contract: 0
Total Cost to County: 0
Packet Pg. 1018
G.43
Current Year Portion: 0
Budgeted:
Source of Funds:
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: No If yes, amount:
Grant:
County Match:
Insurance Required:
Additional Details:
REVIEWED BY:
Sheryl Graham Completed 11/05/2018 5:03 PM
Pedro Mercado Completed 11/05/2018 5:08 PM
Budget and Finance Completed 11/05/2018 5:39 PM
Maria Slavik Completed 11/06/2018 7:39 AM
Kathy Peters Completed 11/06/2018 9:39 AM
Board of County Commissioners Pending 11/20/2018 9:00 AM
Packet Pg. 1019
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1020
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1021
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1022
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1023
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1024
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1025
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1026
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1027
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1028
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1029
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1030
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1031
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1032
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1033
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1034
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1035
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1036
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1037
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1038
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1039
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1040
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1041
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1042
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1043
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1044
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1045
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1046
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1047
G.43.a
Attachment: REVISED LHAP Resolution 7-26-2016 (LHAP Amendment 11-20-2018)
Packet Pg. 1048
G.43.b
Section II. Housing Strategies:
A.
HOMEBUYER ASSISTANCE 2
a. Summary of Strategy:
Funding assistance for the purchase or construction of a single-family,
residential, owner occupied property, including condominiums and townhouses.
b. Fiscal Years Covered: 2016-2017, 2017-2018 and 2018-2019
c. Income Categories: Very Low, Low, and Moderate
d. Maximum award: $45,000
e. Terms:
1. Deferred Loan: Secured by a recorded note and mortgage
2. Interest Rate: 0%
3. Term: Thirty (30) years
4. Repayment: Full amount at maturity
5. Default/Recapture: The loan will be due and payable in full upon maturity,
payment in full of the first mortgage, sale, rental or transfer of the property,
failure to comply with the terms of the SHIP mortgage, loss of homestead
exemption or death of the last surviving homeowner. In the event of the
death of the last surviving homeowner, any income eligible heir residing
in the home may assume the SHIP Loan as long as they can obtain title to
the entire property within one (1) year of the death of the last surviving
homeowner and the first mortgagee consents to the assumption of their
loan.
f. Recipient Selection Criteria:
basis. Applicants who have been determined to be eligible for program assistance
will be placed on a waiting list and given priority according to the following
classifications: 1) Special Needs; 2) Very Low Income; 3) Low Income; 4)
Moderate Income. First priority will always be given to Special Needs
applicants, as long as they meet one of the three income categories.
Applications for Homebuyer Assistance must include:
1.A contract for purchase of an existing housing unit or one under construction.
permit and pilings/foundation complete and inspected.
2.An affidavit from the Seller in the event this is a unit under construction,
indicating the delivery date of the housing unit (cannot be more than five
months from the date of the SHIP approval)\].
Attachment: LHAP Homebuyer Assistance REV 11052018 (LHAP Amendment 11-20-2018)
3.A lending institution pre-qualification letter for the amount to be financed
which may assume up to a $45,000 SHIP loan.
7
Packet Pg. 1049
G.43.b
In the event there are more applicants than funds available, upon completion of the
initial advertising, lotteries will be utilized to determine the order of the funding.
The day, time and location of the lottery will be made available to the eligible
rd
applicants within one week of the end of the NOFA. An independent 3
party will draw numbers to establish the order of ranking. Applicants do not have
to be present at the drawing to participate. Funding will be awarded in the order
drawn, in the event an applicant withdraws his application, the next person on the
list will be funded.Applicants who fail to submit complete applications, who do
not meet SHIP threshold requirements or cannot close due to financing or any other
reason, may not reapply for SHIP assistance until the following application cycle.
g. Sponsor/Developer Selection Criteria: N/A
h. Additional Information:
Buyer(s) must contribute a minimum three percent (3%) of the sales price as a
down payment. Property must meet minimum health and safety standards as
defined under the U.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.
Mortgage loans to public entities, which retain ownership of the land under the
terms of a ground lease, shall extend to the improvements.
The dwelling unit purchased must be financed with a federally insured financial
institution. In the event other financing methods are utilized and approved by the
SHIP Administrator, the SHIP Note and Mortgage must be a first mortgage.
SHARED APPRECIATION PROVISION:
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, refinancing or transfer of the property
shall be calculated by adding 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 original purchase price
and the sales price less any real estate commission, less the value of any
permitted improvements and less reasonable closing costs.
Housing units constructed utilizing Affordable Housing Permits which restrict
l not be subject to the Shared
Appreciation Provision.
ASSUMPTION OF EXISTING SHIP MORTGAGES:
Attachment: LHAP Homebuyer Assistance REV 11052018 (LHAP Amendment 11-20-2018)
Existing SHIP Homebuyer Mortgage Loans may be assumed in order to enhance
the owner-
affordable permit housing units when the current appraised value is equal to or less
8
Packet Pg. 1050
G.43.b
than the original purchase price and must be recommended by the SHIP Program
Coordinator and approved by the SHIP Program Administrator.
Existing SHIP Homebuyer Mortgage Loans of Not-For-Profit Homeownership
Developer units may be assumed for the balance of the term of the existing loan
by new very low and low income qualified homebuyers. Transfer of title to the
new homebuyers must be completed within a period that does not to exceed six (6)
months after repayment by the existing homeowner.
THIS PAGE LEFT INTENTIONALLY BLANK.
Attachment: LHAP Homebuyer Assistance REV 11052018 (LHAP Amendment 11-20-2018)
9
Packet Pg. 1051