Fort Walton Beach Resolution — 2013-13 SHIP - Local Housing Assistance Plan — reading text

program must give a first right of refusal to eligible nonprofit organizations for purchase at the current market value for continued occupancy by eligible persons. O. Administrative Budget: Chapter 67-37.005( 6)( 03, F.A. C. There Is currently no administrative budget due to no funding. The Okaloosa County /City of Fort Walton Beach finds that the moneys deposited in the local housing assistance trust fund shall be used to administer and implement the local housing assistance plan. The cost of administering the plan may not exceed 5 percent of the local housing distribution moneys and program Income deposited into the trust fund. A county or an eligible municipality may not exceed the 5 percent limitation on administrative costs, unless its governing body finds, by resolution, that 5 percent of the local housing distribution plus 5 percent of program income is insufficient to adequately pay the necessary costs of administering the local housing assistance plan. The cost of administering the program may not exceed 10 percent of the local housing distribution plus 5% of program income deposited into the trust fund, except that small counties, as defined in s. 120. 52( 17), and eligible municipalities receiving a local housing distribution of up to 350,000 may use up to 10 percent of program Income for administrative costs. Green / Innovative Design: Section 420. 90755 (3)( d) F. S.: The Housing Rehabilitation and Substantial Rehabilitation strategy provides that energy conservation will be Incorporated into all substantial rehabllitation projects. This includes, but is not limited to energy conserving windows and doors, higher efficiency HVAC units, Increased wall and ceiling insulation, programmable thermostats, to -flow plumbing fixtures, as appropriate and Energy Star rated appliances where applicable and with homeowners' acceptance, metal roofing is installed. Metal roofing contributes to increased energy efficiency, longer life and is less susceptible to hurricane wind damage. Q_  C. Essential Service Personnel: Section 420. 9075 ( 3) ( a0 Essential Personnel shall be defined as employees or persons whose profession or occupation is considered essential to the community, such as, but not exclusive to Persona employed in the education system, city or county government, medical and health services and public safety. in accordance with Rub Chapter 57. 37. 002( 8), F. A. C. and Chapter 87. 37. 005( 8) F. A. C. I1. LHAP HOUSING STRATEGIES: Chapter 67. 37.005( 5), F.A. C. A. Name of the Strategy: Purchase Assistance with Rehabilitation 1. Summary of the Strategy: SHIP funds will be made available to support down payment, closing costs, gap financing, and substantial rehabilitation of existing or newly constructed affordable housing units on a one -time basis to income eligible homebuyers. However, each homebuyer shall only receive the minimum level of assistance required to enable the purchase, based on the Lenders Underwriting staff, and necessary repair of an existing or newly constructed home. 2. Fiscal Years Covered: 201312014; 2014/ 2015; 20152010 3. Income Categories to be served: Those individuals or households who are at or below 80% of the median income. Beneficiaries must complete a Home Buyer Counseling class provided by Consumer Credit Counseling Services, Inc. or other HUD certified Credit Counseling service prior to receiving funds. Eligible Moderate Income applicants will be considered only If there are no eligible buyers in the Very Low Income and Low Income categories. 4. Maximum award: $ 30, 000 5. Terms, Recapture and Default: 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 upon sale, transfer or rental of subject property. Requests for subordination in the event of homeowner refinancing will he reviewed and granted only when the refinancing will result in a decrease of their mortgage payment. There is the stipulation of no more than 100. 00 cash In hand to the homeowner. Recipient Selection Criteria: Assistance will be provided on a first -come, first qualified, first served basis for an applicant who receives a first mortgage commitment from a lender. Section 420.9075( 3xc) Florida Statue, state that It Is unlawful to discriminate on the basis of race, creed, color, religion, age, sex, marital or familial status, national origin, or handicap In the selection of recipients of contracts or assistance under the SHIP Program. ME B. Name of the Strategy: Rehabilitation Summary of the Strategy: The Intent of this strategy is to complete substantial rehabilitation of substandard, homeowner occupied housing. The maximum par unit cast for rehabilitation cannot exceed $ 50, 000, and Is fully forgivable. Green strategy: The Housing Rehabilitation and Substantial Rehabilitation strategy provides that energy conservation and other green features will be incorporated into all substantial rehabilitation projects. This includes, but Is not limited to energy conserving windows and doors, higher efficiency HVAC units, increased wall and ceiling insulation, pmgmmmable thermostats, low -fim plumbing fixtures, as appropriate and Energy Star rated appliances where applicable and with homeowners' acceptance, metal roofing. Metal ring contributes to Increased energy efficiency, longer life and is less susceptible to hurricane wind damage. Fiscal Years Covered: 2013/ 2014; 2014/ 2015; 2 01 512 01 6 2. Income Categories to be sawed: The targeted populations are those individuals or households who are at or below 80% of the median income. 3. Maximum award: $ 50, 000 4. Terms, Recapture and Default: Deferred Payment Loans ( DPL's) at 0% interest with no monthly payments secured by a recorded mortgage and promissory note that is forgiven at the end of 5 ( five) years. The loan is due and payable upon sale, transfer or rental of subject property prior to forgiveness date. In the event of the death of a loan holder, if an income eligible heir makes the house their primary residence, the forgivable loan can be assumed by them. 1. 00 - $ 50,000 = 5 Years @ 115 PER YEAR Requests for subordination in the event of homeowner refinancing will be reviewed and granted only when the refinancing will result in a decrease of their mortgage payment. There Is the stipulation of no cash in hand to the homeowner. 6. Recipient Selection Criteria: Assistance will be provided on a first -come, first qualified, first-sierve basis following annual advertisement when required of the availability of SHIP resources for eligible homeowners who are at no more than 80% of median income level for Okaloosa County. Section 420.9075(3)( c) Florida Statue, state that it is unlawful to discriminate on the basis of race, creed, color, religion, age, sex, marital or familial status, national origin, or handicap in the selection of recipients of contracts or assistance under the SHIP Program. C. Name of the Strategy: Reconstruction or New Construction for Eligible 6- Homeowners Summary of the Strategy: SHIP funds will be made available for the demolition of mobile homes and homes, which are determined to be deteriorated beyond repair for the reconstruction of homes on the property of the eligible homeowner. Reconstructed homes will include Energy Start rated appliances, compact florescent tight bulbs, energy efficiency rated HVAC units, and added insulation. Selected units will be determined based on feasibility analysis. The maximum allowable SHIP cost is up to $ 150, 000. If applicant is eligible for a first mortgage on the reconstruction project, the Okaloosa CDC will pay the difference between the amount of the first mortgage and the cost of the new reconstruction. 2. Fiscal Years Covered: 2013/ 2014; 201412015; 201512018 3. Income Categories to be served: Those individuals or households who are within 80% of the median income or less. 4. Maximum award is noted on the Housing Delivery Goals Charts: $ 150, 000 5. Terms, Recapture and Default: This SHIP note has no monthly payments, is at zero percent ( 0 %) Interest, and is due and payable upon sale, transfer or rental of subject property. The note has a term of 20 years upon which time the loan Is fully forgiven. Listed below are the loan amounts with the years of commitment: Loans will be forgiven in percentages at the following rates: 20 Year loan...... 5% forgiven per year on the loan anniversary date. There is a term of 20 years, unless the property is sold, transferred or rented, in which case the balance of the loan becomes due and payable in full, with the following exceptions: a.. ln the event of the death of a loan holder, If an income eligible heir makes the house their primary residence, the forgivable loan can be assumed by them. b. lf HOME monies are leveraged with SHIP monies for reconstruction or new construction HOME & SHIP rules whichever is more restrictive) will apply to eligible recipients and property. 8. Recipient Selection Criteria: Assistance will be on a first -come, first qualified, first- served, basis for those whose income is 80% or less of the median income. Section 420. 9075( 3)( c) Florida Statue, states that it