Item O06
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BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date:
October 18. 2002
No ../'
Division: ROCe
Bulk Item: Yes
Department: CommiSSIOner Jimenez Office
AGENDA ITEM WOJlP!NG: A RESOLUTION DIRECTING THE COUNTY ATTORNEY AND ..l
DIVISION OF GROWTH MANAGEMENT TO PREPARE AMENDMENTS TO THE MONROE
COUNTY AFFORDABLE HOUSING DEED RESTRICTION. MONROE COUNTY COQES AND
LAND DEVELOPMENT REGULATIONS, IN ORDER TO PROVIDE LENDING INSTITUTIONS
LIMITED RELIEF FROM SAID DEED RESTRICTION IN CONSIDERA nON OF THE INCREASED J
AVAILABILITY AND IMPROVED TERMS FOR MORTGAGE FINANCING TO QUALIFIED
HOMEBUYERS.
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~~~=~;~~~~~~~nroe COUnty Affordable Housing Pennir Alloca'ion when building I
homeowncrship opportunities is the ability of the homebuyer 10 access to primary mortgage financing. In I
its presenl form, Monroe Counly"s Affordable Housing Deed Restriction limits the sale of affordable
housing mortgage loans on the secondary market. As a result, ilis difficult or impossible for potential
low/median income homebuyers to access the most attractive (fixed rate) mortgage financing. ,
Amendments to the Af. fordable HOUSin.. .g... Deed Restriction may provide some relief while continuing to J
provide affordabilityp!otections to unirs.de\'eloped. "..
PREVIOUS RELEVANT BOCC ACTION:
Adoption of Rate of Growth Ordinance and provisions for an Affordable Housing Deed Restriction (ound
in Monroe County Code.
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STAFF RECOMMENDATION:
TOTAL COST: $~O-
COST TO COUNTY: $-0-
APPROVED BY:
DEPARTMENT APPROVAL:
DOCUMENTATION;
Included
To Follow
NOl Required X
DISPOSITION:
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RESOLUTION NO.
.2002
A RESOLUTION DIRECTING THE COUNTY ATTORNEY AND DIVISION OF
GROWTH MANAGEMENT TO PREPARE AMENDMENTS TO THE MONROE
COUNTY AFFORDABLE HOUSING DEED RESTRICTION. MONROE COUNTY
CODES AND LAND DEVELOPMENT REGULA iIONS, IN ORDER TO
PROVIDE LENDING INSTITUTIONS LIMITED RELIEF FROM SAID DEED
RESTRICTION IN CONSIDERATION OF THE INCREASED AVAILABILITY
AND IMPROVED TERMS FOR MORTGAGE FINANCING TO QUALIFIED
HOMEBUYERS.
WHEREAS. Monroe COUnty desire to facilitate the production, rehabilitation and preservation of
affordable housing. both rental and homeownership Opportunities. for very-tow. low and median-income
households throughouf Monroe County: and
WHEREAS. the existing Monroe County Atfordabk Deed Restriction provides legal covenants
protecting affordability by defining eligible income limits and monthly cost for potential buyer~ or
tenants: and
WHEREAS, the existing terms of (he Monroe County AffordabiIiry Deed Restriction prohibit potential
occupantlbuyers from obtaining the most favorable financing. exposing said occupantlbuyers to greater
housing cost than necessary: and,
WHEREAS. Monroe County desires to examine how to facilitate balancing favorable financing tenns (0
qUlllified homebuyers while aggressively protecting future and continued affordability; and
NOW. THEREFORE, BE IT RESOLVED. by the Board of County Commissioners of Monroe County.
Florida. that Monroe COUnty hereby:
Directs the County AtlOrney and Division oj Growth Management. ill Cooperation with, and
support from local lending institwiollS, the Monroe COUIl~)' Housing Authon'~)'. Flodda Departmelll of
Communi~r Affairs and Fannie Mae. 10 prepare amendmeflts to the Monroe Cauno' Affordable Housing
Deed Restriction. Monroe COUll{r Cooes and LaJld Developmelll Regulations in order to provide lending
institutions limited relief from said deed restriction. in consideration of increaSed availability and
improved renns for mortgage financing to qualified homebuyers.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a
regular meeting on said Board on the _ day of _._' A.D., 2002
Mayor McCoy
Mayor Pro Tern Spehar
Commissioner Nugent
Commissioner Nelson
Commissioner Jimenez
BOARD OF COUNTY COMMISSIONI::;RS
OF MONROE COUNTY FLORIDA
By: _
Charles "Sonny" McCoy. Mayor
(SEAL)
A TTEST: DANNY L. KOl.HAGE. Clerk
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Approved as [0 form and legal sufficiency _