Item C2
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: March 22, 2001
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval of a resolution authorizing the conveyance of property in Palm Villa
subdivision to Habitat for Humanity of Key West and the Lower Florida Keys, Inc.
Item Background: This conveyance is proposed to assist in the provision of affordable housing.
The Land Authority is scheduled to close on the purchase of this property in approximately 30 days.
Habitat for Humanity of Key West and the Lower Florida Keys, Inc. (HFH) proposes to build 15 single-
family homes on the property and sell the houses to income qualified buyers. The proposed deed
restriction is for 50 years. It restricts occupancy to persons having household incomes of 100% or less
of the county median (currently $49,300 per year) and restricts the increase of future resale prices to
25% of appreciated value. Based on the current income statistics for Monroe County, maximum
monthly payments (principal, interest, taxes, and insurance or PITI) will be $1,230. The actual PITI may
be lower, depending on the availability of other grant funding. The proposed resolution calls for the
Land Authority to retain the nutrient credits and 25 transferable ROGO exemptions associated with this
property for use with future affordable housing initiatives.
Advisory Committee Action: On February 26,2001 the Advisory Committee voted 5/0 to approve the
conveyance based the documents provided by HFH and directed staff to prepare corresponding
affordability covenants.
Previous Governing Board Action: On December 14, 2000 the Board approved the purchase of this
property.
Staff Recommendation: Approval
Total Cost: $ NIA
Budgeted: Yes
No
Cost to Land Authority: $ NIA
Approved By: Attorney
OM BIPurchasing
Risk Management
Executive Director Approval:
~'G~sch
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #2
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE CONVEYANCE OF PROPERTY IN PALM VILLA
SUBDIVISION TO HABITAT FOR HUMANITY OF KEY WEST
AND LOWER FLORIDA KEYS, INC. FOR THE PURPOSE OF
PROVIDING AFFORDABLE HOUSING.
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, Habitat for Humanity of Key West and Lower Florida Keys, Inc. (hereinafter HFH) is
a not-for-profit Florida corporation and an approved affiliate of Habitat International and is
organized to provide safe, decent, and affordable housing to people in need within the Lower
Keys and Key West; and
WHEREAS, the Land Authority has entered into a contract to purchase Block 1, Lots 1-15, Palm
Villa subdivision (PB 1-89), formerly the site of the Halcyon Trailer Park, as an affordable
housing site in partnership with HFH; and
WHEREAS, HFH requests that the Land Authority convey the subject property to HFH and allow
HFH to develop the property with affordable housing; and
WHEREAS, the Land Authority Advisory Committee considered this resolution at a meeting held
on February 26,2001 and voted 5/0 to recommend approval; 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 a
deed conveying the subject property consisting of Block 1, Lots 1-15, Palm Villa subdivision (PB
1-89) to Habitat for Humanity of Key West and the Lower Florida Keys, Inc.
Section 2. Future use of the subject property is limited to 15 single-family residential units for
occupancy by very low, low, or moderate income persons as defined in section 420.0004,
Florida Statutes, for a period of fifty (50) years, and as further restricted by Monroe County
affordability regulations and Attachment A.
Section 3. The conveyance described in Section 1 above shall not include the rights to the
property's 25 transferable ROGO exemptions in Monroe County Development Order #1-01 nor
the property's nutrient credits. Said rights shall be retained 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 2001.
(Seal)
ATTEST:
Mark J. Rosch
Executive Director
Approved for Legal Sufficiency
Larry R. Erskine
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Nora Williams
Chairman
Page 2 of 2
ATTACHMENT A
AFFORDABILlTY COVENANTS
1. Affordability Period. These affordability requirements shall run with the property for a period
of fjfty (50) years.
2. Income Limits, Use and Transfer Restrictions. Habitat for Humanity of Key West and the
Lower Florida Keys, Inc. (hereinafter HFH) shall develop the subject property and make
same available as ownership housing in accordance with the conditions specified below.
3. Use and Occupancy. The subject property shall be owner occupied and used as the
homeowner's primary residence and such other uses incidental to residential use as may be
permitted by local zoning and land use regulations.
4. Income Qualified Buyers. Ownership shall be restricted to households earning less than or
equal to 100% of the Monroe County median income adjusted for household size at the time
of conveyance.
5. Affordability. Monthly housing costs, defined as principal, interest, taxes, insurance (PITI),
and homeowner association fees [if any] shall not exceed the annual adjusted gross
household income multiplied by 0.30 and divided by 12, all in accordance with 9420.0004,
Florida Statutes.
6. Resale Limits. The property and the improvements located thereon may be transferred,
subject to the provisions of Paragraphs 4 and 5 above, provided the transfer price does not
exceed the sum of the price the current owner paid plus 25% of the amount by which the
unrestricted market value of the property may have appreciated during the current owner's
period of ownership. All transfers are contingent upon HFH maintaining the right of first
refusal to either purchase the property or provide the Seller a qualified Buyer.
7. Refinancing Limits. The property may not be encumbered for any purpose without the prior
approval of the Monroe County Comprehensive Plan Land Authority (hereinafter MCLA),
except for encumbrances for projects resulting in capital improvements to the property and
encumbrances imposing additional affordability covenants.
8. Affordability Monitoring. HFH will be responsible for ensuring these affordability requirements
are maintained. Whenever the property is transferred HFH shall provide certification to the
MCLA documenting these affordability requirements have been met.
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