Fort Walton Beach Resolution — 2009-30-Amend LHAP — reading text

RESOLUTION 2009- 30 A RESOLUTION OF THE CITY OF FORT WALTON BEACH, FLORIDA, AMENDING RESOLUTION 2009- 8 TO AMEND THE LOCAL HOUSING ASSISTANCE PLAN STRATEGIES; AND SETTING AN EFFECTIVE DATE. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF FORT WALTON BEACH: Section 1. Intent & Adoption During the 2009 regular legislative session, the Florida Homebuyer Opportunity Program FHOP) was created. This program, distributed through and operated under the State Housing Initiatives Partnership ( SHIP) program, requires that the funding be used to provide up to $ 8, 000 in purchase assistance to applicants that are eligible to receive the Federal first-time homebuyer tax credit created through the American Recovery and Reinvestment Act of2009. The assistance shall be expected to be repaid by the applicant when they receive their federal tax refund. This will be the only approved use of these funds as long as the homebuyer tax credit is available. This program is implemented under a new strategy within the Local Housing Assistance Plan ( LHAP). The City Council of Fort Walton Beach hereby approves the Amendment # 1 to the Local Housing Assistance Plan, as attached and incorporated by reference. Section 2. Authorization to Execute & Submit The Mayor is designated and authorized to execute any documents and certifications required by the Florida Housing Finance Corporation as related to the Local Housing Assistance Plan, and to do all things necessary and proper to carry out the term and conditions of said program. The Council further authorizes the submittal of Amendment # 1 to the Florida Housing Finance Corporation as required by Florida Statutes. Section 3. Effective Date This resolution shall take effect immediately upon its adoption. IJ} ~ txJCf Adopte Mike Anderson, Mayor Attest: Approved for form and legal sufficiency:  AMENDMENT NO. 1 between OKALOOSA COUNTY BOARD OF COUNTY COMMISSIONERS and THE CITY OF FORT W ALTON BEACH This amendment is made and entered into by and between The City of Fort Walton Beach (" the City") and the Board of County Commissioners of Okaloosa County (" the County") wish to amend the SHIP Local Housing Assistance Plan ( LHAP), ( the Agreement) to add an additional strategy known as the Florida Home Buyers Opportunity Program, created by The American Recovery and Reinvestment Act of 2009 NOW THEREFORE, in consideration of the mutual promises set forth below, the County and the City hereby amend the LHAP to read as follows: II. LHAP HOUSING STRATEGIES: I. Name of Strategy: Florida Home Buyers Opportunity Program 1. Summary of the Strategy: This strategy is designed in response to the legislative proviso requiring SHIP local governments to expend 2009- 2010 funds to ensure that residents of the state derive the maximum possible economic benefit from the federal first time homebuyer tax credit created through The American Recovery and Reinvestment Act of 2009 by providing subordinate down payment assistance loans to first time home buyers for owner occupied primary residences that can be repaid by the income tax refund the homebuyer is entitled to under the First Time Homebuyer Credit. The state program shall be called the " Florida Homebuyer Opportunity Program." 2. Fiscal Years Covered: 2009/ 2010 until expiration of the Florida Homebuyer Opportunity Program Tax Credit. 3. Income Categories to be served: Up to $ 75, 000 for single taxpayers or 150, 000 for joint filers. There is no requirement to reserve 30 percent of the funds for awards to very- low-income persons or 30 percent of the funds for awards to low- income persons; and there is no requirement to expend 75% of funds for construction, rehabilitation or emergency repair. 4. Maximum award is the principal balance of the loans provided shall not exceed 10% of the purchase price or $ 8, 000 whichever is less.  5. Terms, Recapture and Default: If the county or eligible municipality receives repayment from the homebuyer within 18 months after the closing date of the loan the county or eligible municipality shall waive all interest charges. A homebuyer who fails to fully repay the loan within 18 months shall be subject to repayment terms provided in an appropriate strategy in the local housing assistance plan. All funds repaid to a county or eligible municipality shall be considered " program income" as defined in s. 420. 9071 ( 24). 6. Deferred Payment Loan ( DPL) to the homeowner secured by a mortgage and promissory note at zero percent ( 0%) interest with no monthly payments due and payable until sale, transfer or rental of subject property. 7. Recipient Selection Criteria: Recipients must meet the requirements of the following: The maximum income limit shall be Adjusted Gross Income of 75, 000 for single taxpayer households or $ 150, 000 for joint- filing taxpayer households which is equal to that permitted by the American Recovery and Reinvestment Act of 2009 Except as modified herein, all other provisions of the Agreement shall remain in full force and effect. IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized undersigned officials on the dates set forth below. FOR FOR City of Fort Walton Beach Okaloosa County Board of County Commissioners By: By: Name: Mike Anderson Name: William J. Roberts. III Title: Mayor Title: Chairman Date: tl~ N IlL J.,()( Date: ATTEST: ATTEST: Helen Spencer Don W. Howard Clerk of Circuit Court By: Ct. ' By: City Clerk .' Deputy Clerk  NAME OF LOCAL GOVERNMENT Okaloosa County and City of Fort Walton Beach SHIP LOCAL HOUSING ASSISTANCE PLAN ( LHAP) FISCAL YEARS COVERED 2007/ 2008, 2008/ 2009 AND 2009/ 2010 Prepared by: Okaloosa Community Development Corporation Updated June 17, 2009 - Addition FHOP Strategy I. PROGRAM DESCRIPTION Chapter 67- 37. 005 F. A. C. and Section 420. 9072, F. S. A. Name of the participating local government and Interlocal if Applicable: Section 420.9072( 5), F.S. Okaloosa County/ City of Fort Walton Beach Interlocal : Yes _ X_ No Name of participating local government( s) in the Interlocal Agreement; Okaloosa County/ City of Fort Walton Beach A copy of the Interlocal Agreement is attached as Exhibit H. B. Purpose of the program: Section 420. 9072, F. S. and Chapter 67- 37. 005( 3), F. A.C. Creation of the Plan is for the purpose of meeting the housing needs of the very low, low and moderate- income households, to expand production of and preserve affordable housing, to further the housing element of the local government comprehensive plan specific to affordable housing. C. Fiscal years covered by the Plan: Chapter 67-37.002, F.A. C. 2007/ 2008 2008/ 2009 2009/ 2010 D. Governance: Chapter 67-37.005( 3) and( 5)(i)F.A. C. and Section 420. 9071( 14) FS. The SHIP Program is established in accordance with Section 420. 907- 9079, Florida Statutes and Chapter 67- 37. 007 Florida Administrative Code. The SHIP Program does further the housing element of the local government Comprehensive Plan. E. Local Housing Partnership Section 420. 9072( 1)( a), FS. SHIP Program encourages building active partnerships between government, lenders, builders and developers, real estate professionals, advocates for low- income persons and community groups. F. Leveraging: Chapter 67-37. 007( 1)( b)(c), FAC. and Ssection 420.9075( 1)( a) and 1)( b3, and ( 1)( c), FS. The Plans are intended to increase the availability of affordable residential units by combining local resources and cost saving measures into a local housing partnership and using public and private funds to reduce the cost of housing. SHIP funds may be leveraged with or used to supplement other Florida Housing Finance Corporation programs and to provide local match to obtain federal housing grants or programs. G. Public Input: Chapter 67- 37. 005( 3), FA C. Public input was solicited through face- to- face meetings with housing providers, social service providers and local lenders and neighborhood associations. Public input was solicited through the local newspaper in the advertising of the Local Housing Assistance Plan and the Notice of Funding Availability. H. Advertising and Outreach Chapter 67- 37. 005( 6)(a), F.A C. Updated June 17, 2009 - Addition FHOP Strategy  The county or eligible municipality or its administrative representative shall advertise the notice of funding availability in a newspaper of general circulation and periodicals serving ethnic and diverse neighborhoods, at least 30 days before the beginning of the application period. If no funding is available due to a waiting list, no notice of funding availability is required. I. Discrimination: Section