Fort Walton Beach Resolution — 2009-08-Local Housing Assistance Plan — reading text

rehabilitated ( please include rental rates). 20pts. 12) Is the sponsor designated as a private for profit entity or a non- profit organization. 10 pts. 13) Is the project located in an area targeted by the OCDC, City of Fort Walton Beach, or Okaloosa County, or is it located in a Community Redevelopment Area or Enterprise Zone? 1 Opts. 14) Demonstrate that you will employ personnel from the WAGES and Workforce Development Initiatives Programs. 1 Opts. 15) Form of SHIP Assistance requested, Le., deferred payment loan or low interest loan. 1 Opts. 200pts. U: ArchivelSHIPL/ HAPS 2003-04 LHAP Forms dtd 9 _ 03/LHAP Template 9_ 2003 # 3dr_TB 14 -  5. Terms, Recapture and Default: Deferred Payment Loans ( DPL)' s will be used at 0% for non- profit firms and a low interest loan not to exceed 3%, based on Board of Directors approval, will be used for for- profit firms. Both cases will be secured by mortgage and note, with a minimum term of 15 years. Limits: New Construction: 40, OOO/ U nit Existing 30, OOO/ Unit SHIP Leveraging Resources: Private Mortgage Lenders Florida Housing Finance Corporation ( FHFC) 6. Recipient Selection Criteria All applicants that meet the selection criteria will be served on a first come- first qualified- first served bases and must be approved by vote of the Board of Directors of the Okaloosa Community Development Corporation. NOTE: All applicants must be registered and have ability to obtain permits in Okaloosa County, and have current license to operate its business within Okaloosa County. SHIP applicants must agree to comply with all SHIP program guidelines by contract, certify that it will not discriminate on the basis of race, creed, color, marital status, religion, age, sex, familial status, national origin, or handicap, and certify that all SHIP assisted individuals or households qualify as very low or low income under the current Florida Housing Finance Agency income limits. Rental housing constructed or rehabilitated using SHIP funds must provide the minimum set aside of units for eligible persons for at least ( 15) years or the term of assistance, whichever is longer. Throughout the terms of assistance, the Okaloosa Community Development Corporation will be monitoring the Rental Housing to ensure guidelines are being met. The staff or entity that has administrative authority for implementing the local housing assistance plan assisting rental developments shall annually monitor and determine tenant eligibility or, to the extent another governmental entity provides the same monitoring and determination, a municipality, county or local housing financing authority may rely on such monitoring and determination of tenant eligibility. Rental housing offered for sale prior to the end of this period must be subject to a first right of refusal for purchase at the current market value by eligible non- profit organizations who would provide continued occupancy by eligible persons. U: ArchivelSmPL/ HAPS 2003-04 LHAP Forms dtd 9_ 03/LHAP Template 9_ 2003 # 3dr_TB 15 -  H. SPECIAL NEEDS HOUSING STRATEGY 1. Summary of the Strategy: This strategy will be used in all areas of Okaloosa County and the City of Fort Walton Beach to qualified not-for- profitlfor profit organizations applying for funds to acquire, develop andlrehabilitate affordable housing for very - low to low income special needs populations to include transitional housing for the homeless. The not-for- profitlfor profit organizations selected for award of funding will utilize a first come, first served tenant selection process, in a case- by- case basis, that meets the specific special needs populations as identified by the Okaloosa County and The City of Fort Walton Beach. 2. Fiscal Years Covered: 2007/ 2008; 2008/ 2009; 2009/ 2010 3. Income and eligibility requirements: Eligible persons include those whose income does not exceed 80% of median income and because of particular social, economic, or health- related circumstances may have, for example, encountered resistance to their in residing a particular communities, and may have suffered increased housing costs resulting from their unique needs and high risk of institutionalization. Eligible special needs groups include the elderly/frail persons over the age of 65), persons with alcohol and drug addiction, persons with other physical and mental disabilities, persons with mental illness, persons with HIV/AIDS, and homeless persons. Eligible activities include acquisition, reconstruction, moderate or substantial rehabilitation, site improvements, conversion, and/ or new construction of units. None of the funds may be used for administrative support, staff, administrative materials, and or any other cost associated with administration. Allowable SHIP expenses under this strategy are: construction materials and labor, permits, payment of impact and capacity fees, lender fees, infrastructure expenses typically paid by the developer, appraisals, soft costs like engineering fees, architectural and related fees, environmental studies, financing costs, legal, etc... 4. Applicant Criteria The applicant must have experienced staff who have successfully completed similar projects, or experienced consultants. Applicant will conjoin housing with appropriate services, enabling special needs individuals to achieve independent living appropriate to their level of ability. Rental housing offered for sale prior to the end of this period will be required to offer a right of first refusal for purchase at the current market value by eligible non- profit organizations that would provide continued occupancy by eligible persons. U: Archive/ SHIP/LHAPS 2003-04 LHAP Forms dtd 9_ 03/LHAP Template 9_ 2003 # 3dr_TB 16 -  5. Terms, Recapture and Default: Deferred Payment Loans (DPL)' s will be used at 0% for non- profit firms and a low interest loan not to exceed 3%, based on Board of Directors approval, will be used for for- profit firms. Both cases will be secured by mortgage and note, with a minimum term of 15 years. Limits: New Construction: 40, OOO/ Unit Existing 30, OOO/ Unit U: Archive/ smp/LHAPS 2003-04 LHAP Forms dtd 9_ 03/LHAP Template 9_2003 # 3dr_TB 17 -  IV. LHAP INCENTIVE STRATEGIES Section 420.9071( 16), F.S. a. Incentive: The processing of approvals of development orders or permits,