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

Limits: New Construction: 40, 000/ Unit Existing 30, OOO/ Unit Updated June 17, 2009 - Addition FHOP Strategy II. LHAP HOUSING STRATEGIES I. Name of the Strateay: Florida Home Buyers Opportunity Proaram 1. Summary of the Strateqy: This strateay is desianed in response to the leaislative proviso requirinq SHIP local qovernments 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 throuqh The American Recovery and Reinvestment Act of 2009 by providina subordinate down payment assistance loans to first time homebuyers 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 proaram shall be called the " Florida Homebuyer Opportunity Proqram." 2. Fiscal Years Covered: 2009/ 2010 until expiration of the Florida Homebuyer Opportunity Proqram Tax Credit. 3. Income Cateqories to be served: Up to $ 75, 000 for sino Ie taxpayers or $ 150, 000 for ioint 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 emeroency 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 eliqible municipality receives repayment from the homebuyer within 18 months after the closino date of the loan the county or eliqible municipality shall waive all interest charoes. A homebuyer who fails to fully repay the loan within 18 months shall be subiect to repayment terms provided in an appropriate strateoy in the local housinq assistance plan. All funds repaid to a county or eliqible municipality shall be considered " proqram income" as defined in s. 420. 9071 ( 24). Deferred Payment Loan ( DPL) to the homeowner secured by a mortqaqe and promissory note at zero percent ( 0%) interest with no monthly payments due and payable until sale, transfer or rental of subiect property. 6. Recipient Selection Criteria: Recipients must meet the requirements of the followinq: The maximum income limit shall be Adiusted Gross Income of $75, 000 for sinqle taxpayer households or $ 150. 000 for ioint-filinq taxpayer households which is equal to that permitted by the American Recovery and Reinvestment Act of 2009 Updated June 17, 2009 - Addition FHOP Strategy IV. LHAP INCENTIVE STRATEGIES Section 420. 9071( 16), F. S. a. Incentive: The processing of approvals of development orders or permits, as defined in s. 163. 3164( 7) and ( 8), for affordable housing projects is expedited to a greater degree than other projects. ( Section 420. 9071 ( 16), Florida Statutes) Okaloosa County: As provided in Policy1.4.4 of the Housing Element of the Okaloosa County Comprehensive Plan, the County provides a fast- track review process for development order and building permit applications for projects that provide affordable housing. City of Fort Walton Beach: It is the policy of the City' s Development Services Division to expedite affordable housing projects to the greatest extent possible, while meeting all local, state and federal regulations. b. Incentive: The establishment of a process by which a local government considers, before adoption, policies, procedures, ordinances, regulations, or plan provisions that increase the cost of housing. ( Section 420. 9071 ( 16), Florida Statutes) Okaloosa County: The County shall route to the Okaloosa County/ City of Fort Walton Beach Affordable Housing Advisory Committee for review and comment any proposed policy, ordinance, regulation, or plan provision that could affect the affordability of housing no less than thirty ( 30) days prior to the first public hearing of any said policy, ordinance, regulation, or plan provision. City of Fort Walton Beach The City shall route to the Okaloosa County/ City of Fort Walton Beach Affordable Housing Advisory Committee for review and comment any proposed policy, ordinance, regulation, or plan provision that could affect the affordability of housing no less than thirty ( 30) days prior to the first public hearing of any said policy, ordinance, regulation, or plan provision. c. Incentive. Establishment of a schedule for implementing the incentive strategies. ( Section 420. 9071 ( 16), Florida Statutes) Okaloosa County: Implementation of the incentive strategies contained herein shall begin upon adoption of this Local Housing Assistance Plan. City of Fort Walton Beach: Implementation of the incentive strategies contained herein shall begin upon adoption of this Local Housing Assistance Plan. V. EXHIBITS: Updated June 17, 2009 - Addition FHOP Strategy  A. Administrative Budget for each fiscal year covered in the Plan. Exhibit A. B. Timeline for Encumbrance and Expenditure: Chapter 67-37. 005( 6)(d) and (f)F.A.C. B. A separate timeline for each fiscal year covered in this plan is attached as Exhibit funds will be encumbered June 30 year following the end of the Program by one funds will be fully expended within 24 months applicable state fiscal year. Program of the end of the applicable State fiscal year. C. Housing Delivery Goals Chart ( HDGC) For Each Fiscal Year Covered in the Plan: Chapter 67- 37. 005), F. A. C. Completed HDGC for each fiscal year is attached as Exhibit C. D. Certification Page: Chapter 67- 37.005( 7), F.A. C. Signed Certification is attached as Exhibit D. E. Adopting Resolution: Section 420. 9072( 2)(b) 2, F.S. is attached as Original signed, dated, witnessed or attested adopting resolution Exhibit E. F. Program Information Sheet: F. Completed program information sheet is attached as Exhibit G. Ordinance: Section 420. 9072( 3)(a), F.S. If changed from the original ordinance, a copy is attached as Exhibit G. H. Interlocal Agreement: Section 420. 9072, F. S. H. A copy of the Interlocal Agreement if applicable is attached as Exhibit Updated June 17, 2009 - Addition FHOP Strategy  LHAP Template 6/ 06 Exhibit D 67- 37. 005 F.A. C. CERTIFICATION TO FLORIDA HOUSING FINANCE CORPORATION Name of Local Government: CITY OF FORT WALTON BEACH 1) The local government will advertise the availability of SHIP funds pursuant to Florida Statutes. 2) All SHIP funds will be expended in a manner which will insure that there will be no discrimination on the basis of race, creed, religion, color, age, sex, familial or marital status, handicap, or national origin. 3) A process for selection of recipients for funds has been developed. 4) The eligible municipality or county has developed a qualification system for applications for awards. 5) Recipients of funds will be required to contractually commit to program guidelines. 6) The Florida Housing Finance Corporation will be notified promptly if the local government ( or interIocal entity) will be unable to comply with the provisions the plan. 7) The Local Housing Assistance Plan shall provide for the expenditure of SHIP funds within 24 months following the end of the State fiscal year in which they are received. 8) The plan conforms to the Local Government Comprehensive Plan, or that an amendment to the Local Government Comprehensive Plan will be initiated at the next available to insure opportunity conformance with the Local Housing Assistance Plan. 9) Amendments to the approved Local Housing Assistance Plan shall be provided to the Corporation with in 21 days after adoption. 10) The trust fund shall be established with a qualified depository for all SHIP funds as well as moneys generated from activities such as interest earned on loans. 11) Amounts on deposit in the local housing assistance trust fund shall be invested as permitted by law. 12) The local housing assistance trust fund shall be separately stated as a special revenue fund in the local governments audited financial statements, copies of the audits will be forwarded to the Corporation as soon as available. 13) An interIocal entity shall have its local housing assistance trust fund separately audited for each state fiscal year, and the audit forwarded to the Corporation as soon as possible.  LOAP Template 6/ 06 Exhibit D