Resolution 607-1996
RESOLU;rlON NO. 607-1996
A RESOLUTION REQUESTING THE SET-
ASIDE OF AVAILABLE HOME AND SliP
PROGRAM FUNDS IN COMPLIANCE WITH
STATE AND FEDERAL REGULATIONS AS
REQUIRED FOR HOMEOWNERSHIP
PROJECT/SITE SPECIFIC USE UNDER THE
SPONSORSHIP OF THE FLORIDA HOUSING
FINANCE AGENCY'S RENT-TO-OWN
DEMONSTRATION 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 --- ~n
t:iS 'Cl
Z;, -.J
WHEREAS, Monroe County was identified as a DifficJh.!~ev~ope 6
Area having a Median Housing Value of $151,200 according to_the 19~ S
Census, Median Income Limits to fit the profile required for a:!;uccessffif ~;:
Rent- To-Own Program and a shortage of Affordable Housing '~" ;:;; ~.:
c
Homeownership housing stock; and N._
o
WHEREAS, the Monroe County Housing Finance Authority
(Authority) in conjunction with Smith Barney was requested to be the local
Sponsor (Owner) of the Rent-To-Own Project; and
WHEREAS, the Authority 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 Miami 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 has HOME and SHIP 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 RESOLVED BY THE BOARD OF
COUNTY COMMISSIONERS OF MONROE COUNTY AS FOLLOWS:
1. Authorize the set-aside of available HOME - Disaster Relief funds in
the amount of$800,OOO 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.
PASSED and ADOPTED, by the Board of County Commissioners of Monroe
County, Florida at a regular meeting of said Board held on the 18th day of
December; A.D., 1996.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
-....~ .
~~
Danny Ko age, erk 0 e Court
BY:
Mayor Pro Tern London
Commissioner Freeman
Commissioner Harvey
Commissioner Reich
Hayor Douglass
yes
yes
yes
yes
yes