Fort Walton Beach Resolution — 97-14-Amend Admin SHIP Funds — reading text

o F. S. A portion of this money will be used as a match for local and federal programs Priority 4: Provide i targeting the construction or rehabilitation of LSsistance but housing d~signed to address families with special needs, to include not limited to homeless families and the handicapped. Priority 5: Promote the development and construction of affordable housing in the through non-profit agencies and or for- profit developers working field of affordable housing. Such development incentives might include, but are not limited to, grants and/or low ,interest loans, to purchase ]and and guarantee bank financed mortgages. Priority 6: SYLVAN IA HEIGHTS SEWER LINE CDBG PROJECT RENTAL.sTRATEGY Pfo8ram Outline: Thi~ strategy will proWh fundi to owners tbIt A ents that pro~ h<Mmin, to Very Low and have single family homes and ~ Low Income clients sewer nw on fees. Incomes Q e re- ( rjJIe clients will J> certifie4 once a year for fifteen (15) years. The funds that d will be in the will be provid& form of a fifteen year l()an amortized loan redncin, 1115 per year on the ~ T ~~ wiU date of the loan to ~ () wner of the single fmni~ home or ~ tmen~). form to be made in the form of a mot1ga8e amortized over fifteen years similar in the Down payment A% istance program B. Recapture provisions: The loan will have a maximum term of 15 of 1115 per year on the anniversary date of the years amortized at a rate of reduction Joan which ~ fonriven completely at the ~ the ~ ~ ortized anby establisbed aI'1ount over ~ ~ of01eJoan. If the ~ . aside req}lirements or a. 2ther provisions of the ~ DI.. t are vio1afaJJIiqr to the end of the a~ tile entire loan wiU ~ 4ue and payable to ~ Co. ~" Jl~ Cot:PO.. on. Jbbe rcmta1 hOusiD, is ~ prior to the end ofb ~~ or 15 years.. whi~ is loqer. it must~ right of first refusal for purchase at the owrent market value by eligt"bt=to D() QprOfit organizations who would provide continued occqpancy ~ e)1wible peri~ Okaloosa Community Development Corj)oration will monitor annually for 1 S years. for compliance with tenant income and affordability requirements. 3  I o OCCUPIED SYLVANIA HEIGHTS SEWER LINE CDBG PROJECT OWNER STRATEGY on fees A. Program Outline: This strategy is to provide for sewer tap to the for Vety Low and Low Income Clients who are beinQ reqJJired to connect Okaloosa County/ CDJJG Sewer Line Proiect. Fund will,be provided in the form of low and low incomes a grant to single family home owners of very B. Recapture provisions: Thig is a grant to sint.,e family home owners new Okaloosa of very low and low incomes to connect their homes to the County/ CDBG Sewer Line Proiect the City and County Loca1ly, with the recent public notifications regarding Comprehensive Plan Element and the Annual performance Report, significant public the commnnny have review and input concerning the housing assistance needs of been received and reYJewed by the local jurisdictions. Such information bas been Assistance Program and integrally utilized in the preparatioo of the SHIP' Housing the various activities posed thereunder. in the Public advertisement ~ f the availability of SHIP funds wiD be provided within sixty Northwest Florida Daily News ( geoemI1y commlmny-wide cim1lation) the Florida 60) days of the date of approval of the local Housing Assistance plan by issuance of written public Housing Finance Agency (FHA). Evidence of the recent notices regarding ident ification of housing needs, plans and priorities with the local area is provided in EXHIBIT ill of this plan. The Partnership assisted in the development of the PI(posed ) uti1iDtion of SHIP funds based upon the information known local provided through local compreheasive housing p1~ A8 documents, Review by the Local government matching requirements, and targeted priorities. Housing Assistance Partnership Advisory Council of the 0kaI00sa Co1JnV .' Housing and developing the Assistance Plan was an important factor in fina1img the plan 1995 aadbyfhe recommendation for its approval by the City Council on Mani128, fw\di. a11OCati.qI Board of County Commissioners on April 11 , 1995. The SHIP activities for the three year HAP detailing the Local Housing Assistance Program June 30, 1998) is in EXHIBIT IV of this plan. The provided period ( July 1, 1995 - City and County goveraing bodies adopted the recommendations without sigPificant in the thorough revision or alteration, thereby evidencing the level of confidence review completed by the Partnersbip. 4  o o to iow and emergency repair assistance rehabilitation 3. provided residentiai and rental units. income homeowners whict. provides information on homeowner classes 4. provided pre- purchase and home maintenance. money management which are v~n have incomes with SHiP resources assisted 91- 37 . 002. Fiorlda All persons/ families defined by Chapter iow or moderate as very low. Administrative Code. changes needed OCDC has identified Executive Director of the amendments to the Bred Kendrick, of the HAP and has prepared local version both participating in the current for consideration by Plan Housing Assistance governments. heard the meeting of June 24t 1997 t at their regular to the HAP and a The City Councilt consider the amendments Kendrick to to agenda the request of Mr. The Staff was directed those changes. comments. resolution adopting on July 1 1997 and provide for the special meeting t matter DISCUSSION: the OCDC Assistance Plan as proposed by Local Housing of a new priority, Amendments to the to Priority 5. and the addition amendment addition of for- profit include an Priority 5. involves the to housing. Priority 6. The changethose housing providers in affordable to to involve offered as incentives developers for land purchases are loans Grants/ low- interest developers. income benefit low/ moderate to the plan, would Priority 6. t a new priority and owner occupied dwelling units by providing the on fees in owners of rental property cost of sewer tap- respectively, to pay the however, the loans grants or t to this