Resolution 016-2005
RESOLUTION NO.
016
- 2005
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE COUNTY,
FLORIDA, APPROVING AN AMENDMENT TO MONROE COUNTY'S STATE HOUSING INITIATIVE
PARTNERSHIP (SHIP) PROGRAM, LOCAL HOUSING ASSISTANCE PLAN (LHAP) FOR STATE OF
FLORIDA FISCAL YEARS 2004-2005,2005-2006,2006-2007.
WHEREAS, the State Housing Initiatives Partnership (SHIP) Act, ss, 420.907 - 420.9079, Florida Statues (1992) and Rule
Chapter 67-37, Florida Administrative Code, requires local governments to develop a Local Housing Assistance Plan (LHAP)
outlining how funds will be used; and,
WHEREAS, the Monroe County's Local Housing Assistance Plan for the State of Florida fiscal years 2004-2005, 2005-2006,
2006-2007 was previously adopted by the Monroe County Board of County Commissioners and approved by the Florida
Housing Finance Corporation; and,
WHEREAS, the Monroe County Housing Authority, Administrator of the Monroe County's State Housing Initiative
Partnership Program, is recommending approval of the attached amendment in order to equitably provide for the funding of
rental projects, maximizing the public purpose use of said funds and meet expenditure requirements within F.S. 420.907 -
420.9079,
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County, Florida, that the
County hereby:
Approves the Amendment to the Monroe County State Housing Initiatives Partnership (SHIP) Program,
Local Housing Assistance Plan (LHAP), attached hereto as "Exhibit A ", describing the type of assistance
, selection criteria, income levels and other conditions necessary to apply and qualify for Monroe County
SHIP Program funding under the LHAP's Rental Strategy,
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida, at a regular meeting on said
Board on the 19th day of January, A.D., 2005.
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor Spehar Yes
Mayor Pro Tern McCoy Yes
Commissioner Nelson YeR
C;~~iQlle1-~eugent YP~
,1.Ajg~~ner.Ri~ Yes
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l:I;'fEA~j k' " .
<\;~ .:\&'I'fEs'lt... DANNY L. KOHLAGE
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By~~:LJC. ~~
Deputy Clerk
By:
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Mayor Dixie Spehar
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Approved as to form and legal sufficien .
TANT~~~?ORNEY
EXHIBIT A
B. RENTAL STRATEGIES
Name: CONSTRUCTIONIREHABILIT A TION
Description:
Funds provided for the construction or rehabilitation of affordable
housing rental units.
Fiscal Years:
2004-2005, 2005-2006 and 2006-2007
Income Level:
Very low, low and moderate (tenants)
Selection Criteria:
Priority shall be given to applicants in the following order until all
available funding is committed/expended:
Priority #1. Applications proposing the creation of new rental
units by construction or rehabilitation, ranked in the following
order:
1 a. Proposing the longest period of affordability
1 b. Units serving very low-income tenants
Ie. Units serving substantially (%) very low-income
tenants
Id. Serving low-income tenants
Ie. Serving substantially (%) low-income tenants
1 f. Serving moderate-income tenants
The tiebreaker within priority #1 shall be the lowest SHIP per unit
cost.
Priority #2 Applications proposing the rehabilitation of existing
affordable rental units, ranked in the following order:
2a. Proposing the longest period of affordability
2b. Serving very low-income tenants
2c. Serving substantially (%) very low-income tenants
2d. Serving low-income tenants
2e. Serving substantially (%) low-income tenants
2f. Serving moderate-income tenants
The tiebreaker within priority #2 shall be the lowest SHIP per unit
cost.
Type of Assistance:
FOR PROFIT ENTITIES
For profit entities proposing construction/rehabilitation in
conjunction with Florida Housing Finance Corporation (FHFC)
funding are eligible for loans secured by a mortgage up to $40,000
or that amount sufficient to satisfy the FHFC local contribution
portion of the FHFC program, whichever is less. The loan is at an
Monroe County LHAP
Revision 1 (01/05)
Page 10
interest rate of 3% with a minimum term of fifteen (15) years.
Principal and interest is due upon maturity.
For profit entities proposing construction/rehabilitation are eligible
for mortgages up to $40,000 per unit. The loan is at an interest rate
of 3% with a minimum term of fifteen (15) years. Principal and
interest is due upon maturity. The loan may be extended in
conjunction with an extension of the SHIP Rental Monitoring
Agreement.
NON PROFIT ENTITIES
Non-profit entities proposing construction/rehabilitation in
conjunction with Florida Housing Finance Corporation (FHFC)
funding are eligible for loans secured by a mortgage up to $40,000
The loan is at an interest rate of 0% with a minimum term of
fifteen (15) years. Principal balance is forgiven at maturity.
Non-profit entities proposing construction/rehabilitation are
eligible for mortgages up to $40,000 per unit or that amount
sufficient to satisfy the FHFC local contribution portion of the
FHFC program, whichever is less. The loan is at an interest rate of
0% with a minimum term of fifteen (15) years. Principal balance
is forgiven at maturity. The loan may be extended in conjunction
with an extension of the SHIP Rental Monitoring Agreement.
Recapture:
Due and payable upon sale or transfer of the property, termination
of the long term lease (greater than 15 years), failure to comply
with the terms of the SHIP Rental Monitoring Agreement or Land
Use Restriction Agreement (LURA) as specified above.
Other:
All entities funded under this strategy will be required to execute a
SHIP Rental Monitoring Agreement and Land Use Restriction
Agreement (LURA) for a minimum term of fifteen (15) years.
SHIP set aside units assisted under this strategy must maintain
rents that do not exceed the rent maximums published annually by
the Florida Housing Finance Corporation. SHIP recipients that
offer rental housing for sale within fifteen years of the SHIP award
must give a right of first refusal to eligible non-profit organizations
for purchase at the current market value for continued occupancy
by eligible persons.
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Monroe County LHAP
Revision 1 (01105)