Fort Walton Beach Resolution — 07-04-Support Eliminaiton of Cap/Housing Funds — reading text

Resolution 07- 4 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA IN SUPPORT OF THE ELIMINATION OF THE CAP ON THE HOUSING TRUST FUNDS BEGINNING IN FISCAL YEAR 2007- 2008 AND IN SUPPORT OF FULL FUNDING FROM THE HOUSING TRUST FUNDS OF $ 939. 5 MILLION FOR HOUSING IN THE STATE FISCAL YEAR 2006- 2007 BUDGET, AND SUPPORTING AN INCREASE IN THE ELIGIBLE INCOME LIMITS FOR SHIP FUNDS, AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Council of Fort Walton Beach, Florida, has an obligation to provide for the housing needs of its current and anticipated populations and assisting lower income families is dependent upon sufficient housing assistance from federal and state programs; and WHEREAS, the William E. Sadowski Affordable Housing Act of 1992 deliberately used the documentary stamp tax as its revenue sources because of its nexus with the of development affordable housing and because the source of funding needed to be a growth vehicle to keep pace with escalating land and housing costs; and WHEREAS, the Governor and the Legislature provided full funding from the Housing Trust Funds every year from fiscal year 1992- 1993 through fiscal year 2002- 2003; and WHEREAS, the State of Florida is experiencing a housing crisis due to massive increases in the cost of land, construction, and the ultimate cost of housing to its citizens; and WHEREAS, the William E. Sadowski Affordable Housing Act has worked as planned, providing needed revenues into state and local housing trust funds at this time of crisis; and WHEREAS, the Legislature enacted a cap on the Housing Trust Funds of $243 million per year, beginning in Fiscal Year 2007- 2008; and WHEREAS, the Governor and Legislature, at this time of crisis, have not provided full funding from the Housing Trust Funds for the last three fiscal years, under funding housing appropriations by over $ 600 million from Fiscal Year 2003- 2004 through fiscal year 2005- 2006; and WHEREAS, it is projected that during Fiscal Year 2007- 2008, the documentary stamp tax will generate over $500 million for the state and local housing trust funds; and WHEREAS, Florida' s affordable housing needs are estimated at well beyond $ 500 million during Fiscal Year 2007- 2008; and WHEREAS, absent repeal of the legislative cap placed on the state and local housing trust funds during the 2005 Legislative session, new documentary stamp tax revenues for housing pursuant to the William E. Sadowski Affordable Housing Act of 1992 will be limited to 243 million per year beginning Fiscal Year 2007- 2008. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF FORT WALTON BEACH, FLORIDA, AS FOLLOWS: SECTION 1. That the City of Fort Walton Beach supports repeal of the cap on the Housing Trust Funds, and urges the Governor and Florida Legislature to adopt statutory changes during the 2007 Legislative Session to repeal the cap. SECTION 2. That the City of Fort Walton Beach supports full funding for housing in the Fiscal Year 2007- 2008 budget, and urges the Governor and Legislature to a adopt budget with that level of funding. SECTION 3. That the City of Fort Walton Beach supports an increase in the eligible income limits for SIDP down payment assistance from 120% to 150% ofthe area median income in order to assist the local workforce. SECTION 4. That the City of Fort Walton Beach is anticipating a greater than normal influx of military families because of the 2005 BRAC Commission, and will therefore have a greater need for workforce housing. SECTION 5. That all resolutions or parts of resolutions in conflict with this resolution are repealed to the extent of such conflict. SECTION 6. That this resolution shall take effect upon approval by City Council and signature by the Mayor. ADOPTED: $ tZ:1fJj c21 ~(}(]/7 MAYOR: kh ~ MIKE ANDERSON ATTEST: 1.// / 1<... f..' t' JJd:J7 {, HtLEN JJ?Jtt!tL~ i? CITY CLERK SPENCEIy,' Approved as to form and legal sufficiency. EY