Resolution 261-1995
RESOLUTION NO 261-1995
A RESOLUTION APPROVING AN APPROPRIATION
OF $28,000 FROM FUND 100 - COMMUNITY
DEVELOPMENT BLOCK GRANT PROGRAM
INCOME FOR THE BALANCE OF FY94/95
(AUGUST/SEPTEMBER) AND FY 95/96 TO FUND
FIRST-TIME HOMEOWNERS LOAN ORIGINATION
STAFFING AND AUTHORIZATION TO REQUEST
AN EQUAL AMOUNT FROM THE PREVIOUSLY
APPROPRIATED LAND AUTHORITY HOME
OWNERSHIP MATCH FUNDS.
WHEREAS, Monroe County has secured $5,000,000 in State of Florida,
Florida Housing Finance Agency Tax Exempt Mortgage Rev~ue Bon<t First,
Mortgage Financing at 6,8% 30 year fixed to support the Mo~e:goudfit fir~
time homeownership program; and 6: ~ :f ~ CJ
-~ '^ .~ Ei'i ",.,
.~ 0
WHEREAS, Monroe County has secured $2,500,000 ~HQME4md~
$266,666 in HAL funds and over $1,000,000 in SHIP funds.~iQ.'ihe ~ Q.l;
second mortgage loans for down payment and closing costs:toap assis.tanc~
~ '. 0 ,~",
having 0% interest rate and deferred payments for 30 years; ana ....
WHEREAS, the Monroe County Housing Authority Special Programs
Office has negotiated the substitution of required local match for HOME with
the match generated by the utilization of tax exempt mortgage revenue bonds
to preserve local funds available for affordable housing purposes; and
WHEREAS, the commitment fee ($90,000) to purchase the single family
mortgage revenue bond utilizing Monroe County Land Authority funds is
returned to the Land Authority from the proceeds of each closing; and
WHEREAS, the Monroe County First Time Homeownership Program has
closed or has scheduled closings totaling 84 of which 43 are for very low or
low income households (HOME) and 41 are for moderate income households
(SHIP); and
WHEREAS, the Monroe County First Time Homeownership Program has
utilized mortgage revenue bonds for 30 transactions and;
WHEREAS, conventional institutional first mortgage interest rates have
declined significantly in the past 120 days from 9.5 to 7,25 and further
reductions are anticipated based on the recently announced reduction in the
Federal Reserve Discount Rate~ and
WHEREAS, the Monroe County Housing Authority Special Programs
Office sale study of single family homes required to increase the FHA 203b
mortgage limit indicated of over 530/0 of all homes sold priced under $115,000
were sold to out of county and/or out of state purchases or second homes
and/or transient rental use; and
WHEREAS, the housing stock available priced under $115,000 to first
time home buyers is declining rapidly based on the program's 84 closings to
date~ intensified competition by out-of-county and out-of-state purchases due
to reduced first mortgage interest rates~ and the return on investment available
from use as a transient rental; and
WHEREAS, the Monroe County First Time Homeownership Program
momentum continues to increase experiencing 1000/0 increase in attendance
and application volume since January, 1995; and
WHEREAS, the ability for current applicants to immediately proceed in
the program based on having a down payment available, good credit, and
stable job history to qualify for a first mortgage has tripled in the last 12
months; and
WHEREAS, the Monroe County Housing Authority Special Programs
Office has had to decrease the number of First Time Homeownership seminars
to insure the ability to provide adequate service to existing applicants despite
applicants' requests for additional seminars; and
WHEREAS, the competition for available single family homes has
intensified significantly as a result of lower interest rates which has lured the
out of county out of state second home buyer back into the market place~ and
WHEREAS, the economy is entering a period most advantageous to
first home buyers due to lower interest rates and the absence of rapid
escalation in sales prices.
NOW THEREFORE BE IT RESOLVED, that the Monroe County Board of
County Commissioners hereby approves the appropriation of $28,000 from
Fund 100 - Community Development Block Grant Program Income for the
balance of FY94/95 (August/September) and FY 95/96 to fund First-Time
Homeowners Loan Origination staffing and authorization to request an equal
amount from the previously appropriated Land Authority Home Ownership
matching funds to enhance existing service levels and permit all applicants an
opportunity to obtain homeownership.
PASSED and ADOPTED, by the Board of County Commissioners of Monroe
County, Florida at a regular meeting of said Board held on the 18th day of
July ,A.D., 1995,
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
BY:
cS~-F~
Mayor Freeman
(SEAL)
ATTEST: Mayor Freeman ye s
Mayor Pro Tem London ye s
Commissioner Douglas . yes
Commissioner Harvey yes
Commissioner Reich yes
JL.kLc.~
Danny Kolhage, Clerk of the Court
R.f$(ll SH:F2
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