Resolution 219-1997
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RESOLUTION NO. 219 -19 9 7
RESOLUTION REQUESTING THE SET-ASIDE OF
SHIP PROGRAM FUNDS IN COMPLIANCE WITH
LOCALANDSTATEREGULATIONSASREQUmED
FOR HOMEOWNERSHIP PROJECT/SPECIFIC AS AN
APPROVED AFFORDABLE HOUSING PROJECT BY
THE FLORIDA HOUSING FINANCE AGENCY.
WHEREAS, the BOCC previously approved Resolution 607-1996 hereto attached for
reference; and
WHEREAS, the SaltPond Project financing is no longer applicable under the Florida Housing
Finance Agency's Rent-to-Own pilot program but is considered by the Agency to be an
affordable housing demonstration program and qualifies for the state's loan guarantee program
with general purpose tax exempt mortgage revenue bond financing for the affordable housing set-
aside of 144 units; and
WHEREAS, Greater Miami Neighborhoods, Inc. has applied to the Agency for 2.7 million
dollars in HOME Single Family First-Time Home Buyer funds with said application being scored
within the fundable range of applications; and
WHEREAS, the set-aside authorized under Resolution 607-1996 was contingent upon a
General Purpose Tax Exempt Mortgage Revenue Bond Closing by no later than May 30, 1997;
and
WHEREAS, all required approvals from the Agency are agenda items for the Agency's June 13,
1997 Board Meeting to be held in Key West with an anticipated Bond closing no later than ninety
(90) days from said approvals; and
WHEREAS, the Agency looks to local support and commitment in forming partnerships to
support such affordable housing demonstration projects; and
WHEREAS, Florida Statue 420, an act relating to affordable housing, was amended by the
Florida Legislature in the 1997 session and signed into law by the Governor of which section
420.907-420.9079 (SHIP Program) now reads:
"At least 30 percent of the funds deposited into the local housing
assistance trust fund must be reserved for awards to units that
must be occupied bv very low income persons.........and at least
an additional 30 percent of the funds deposited into the local
housing assistance trust fund must be reserved for awards to low
income oersons..... "; and
WHEREAS, the Saltpond project has set-aside for first-time homebuyers 29 units for very-low
income persons/households and an additional 79 units for low income persons/households.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY AS FOLLOWS:
The Board of County Commissioners authorizes the set-aside of local housing assistance
trust funds (SHIP Program) in the amount of $350,000 as previously authorized under Resolution
607-1996 on a site specific basis for the Florida Housing Finance Agency's affordable housing
demonstration project known as SaltPonds Condominium with a minimum of 50% of said funds
to be set-aside for mortgage assistance to eligible very-low income persons/households with any
remaining percentage of said funds to be set-aside for mortgage assistance to eligible low income
persons/households in accordance with the terms and conditions of Exhibit A hereto attached.
PASSED and ADOPTED, by the Board of County Commissioners of Monroe County, Florida at
a regular meeting of said Board held on the 18thday of June , A.D. 1997.
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(SEAL)
ATTEST:
Mayor Douglass
Mayor Pro Tern London
Commissioner Freeman
Commissioner Harvey
Commissioner Reich
yes
yes
absent
yes
yes
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Danny Kolhage, Clerk of the Court
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EXHIBIT A
Authorized SHIP funds shall be contine:ent on :
1) A General Purpose Tax Exempt Mortgage Revenue Bond closing no later than
September 30, 1997.
2) Florida Housing Finance Agency's approval of any applicable required
amendment to the approved local housing assistance plan.
3) Allocation of SHIP funds from the approved SHIP budgets (October 1, 1997 to
September 30, 1998 and October 1, 1998 to September 30, 1999).
4) In compliance with the approved local housing assistance plan as amended and
local program design and administration.
5) Greater Miami Neighborhoods, Inc. (CMNI) shall provide to the Monroe Cou~ty
Housing Authority a Fair Housing Marketing Plan for review and receive approval of
same prior to the marketing of affordable housing set-aside unit availability.
6) Priority for SHIP assistance shall be given to very-low and low income
persons/households who are eligible through the Key West and Monroe County
Housing Authorities' Project Independence and/or a participant in the Authorities'
Campus Program.
7) Where SHIP assistance is used independently or in conjunction with other
subordinate mortgage assistance, the Special Programs Office of the Monroe County
Housing Authority shall have the responsibility for determining the priority and eligibility
of the participants in the manner consistent with the Local Housing Assistance Plan and
local program design.
8) Local housing assistance trust funds (SHIP) that become program income and/ or
recaptured funds shall be deposited into the local (SHIP) trust fund. Said SHIP shall not
be considered as moneys used to match federal HOME program moneys but may be used
in conjunction with HOME and/or other designated funds for the purpose of subordinate
mortgage assistance.
9) Greater Miami Neighborhoods, Inc. shall enter into a written agreement as to
Exhibit A and any other mutually agreed to items with the Monroe County Housing
Authority and/or the Key West Housing Authority prior to the General Purpose Tax
Exempt Mortgage Revenue Bond closing.
shipmcsaltpexhA
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RESOLUTION NO. 607-1996
A RESOLUTION REQUESTING THE SET-
ASIDE, OF AVAILABLE HOME AND SliP
PROGRAM FUNDS IN COMPLIANCE WIrn
STATE AND FEDERAL REGULATIONS AS
REQUIRED FOR H01vfEOWNERSIDP
PROJECT/SITE SPECIFIC USE UNDER TIm
SPONSORSIDP OF TIm FLORIDA HOUSING
FINANCE AGENCY'S, RENT-TO-OWN
DEMONS1RA TION PROGRAM.
WHEREAS, the Florida Housing Finance Agency (Agency) has
created a Homeownership Rent- To- Own Pilot Demonstration Program to
utilize general purpose Mortgage Revenue Bonds for which there is an
unlimited allocation; and
, WHEREAS, the Agency selected and directed Smith Barney to
evaluate and identify local jurisdictions 'where a Rent- To-Own Program
would have the highest probability to be successful; and
WHEREAS, Monroe County was identified as a Difficult to Develope
" Area having a Median Housing Value of $151,200 according to the 1990
Census, Median Income Limits to fit the profile required for a successful
Rent- To-OMl Program and a shortage of Affordable Housing
HomeoMlership housing st~ck; and
WHEREAS, the Monroe County Housing Finance Authority
(Authority) in conjuhction with Smith Barney was requested to be the local
Sponsor (OMler) of the Rent- To-Own Project; and
WHEREAS, the Aut40rity identified a parcel of land having zoning
and vested for 216 units which could be preserved for Affordable Housing;
and ,,'
WHEREAS, the Agency Board of Directors approved the proposed
project (SaltPonds) and directed Staff to induce General Purpose Bonds to
construct the Affordable Housing Project; and
WHEREAS, the Florida Housing Finance Agency has agreed to
provide up to $1,500,000 in HOME Funds to be utilized as Downpayment
and Closing Costs assistance on behalf of residents Countywide; and
WHEREAS, the Authority encountered statutory restrictions in
proceeding as the Projects Sponsor; and
WHEREAS, the Agency and Pilot Program Financial Advisors has
recommended that Greater Mi~ Neighborhoods Inc. be substituted for the
Authority; and
WHEREAS, the SaltPonds Project will provide 144 set-aside units for
very low, low, and moderate income residents Countywide; and
WHEREAS, additional downpayment and closing costs assistance is
required to be able to assist the proposed set-aside of units; and
WHEREAS, the County bas HO?oJE and SfllP Funds available for use
Countywide; and
WHEREAS, the SHIP Program statutorial requires that 75% of Ship
Funds be utilized for construction activities to remain in compliance; and
WHEREAS, the City of Key West will be providing local contribution
in the form of Impact Fee Waivers and Fill having an aggregate value
estimated at $354,000; .
NOW THEREFORE BE IT RESOL YED BY THE BOARD OF
COUNTY COrvfMISSIONERS OF MONROE COUNlY AS FOLLOWS:
1. Authorize the set-aside of available HOME - Disaster Relief funds in
the amount of$800,000 and SHIP Funds in the amount of$350,000 on a site
specific basis for the SaltPonds Florida Housing Finance Agency Rent- To-
Own Demonstration Program.
2. The set-aside authorized on a project specific basis is contingent upon
a General Purpose Tax Exempt Mortgage Revenue Bond Closing by no later
than May 30, 1997 and the submission by Greater Miami Neighborhoods,
Inc. of a HOME Single Family Application to relieve the County of its
HOME set-aside obligation under this resolution.
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PASSED and ADOPTED, by the Board of County Commissioners of Monroe
" ('Iiunty, Florida at a regular meeting of said Board held on the 18 th day of
Decembe~ A.D., 1996.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
BY:
'"P.L~.
Danny Ko age, erk 0 e Court
Mayor Pro Tern London
Commissioner Freeman
Commissioner Harvey
Commissioner Reich
Mayor Douglass,'
ves
yes
yes
yes
, yes
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