Fort Walton Beach Council agenda — 12-12-06 ‎(regular)‎ — reading text

eligible housing. J. Support Services and Counseling: Chapter 67-37.005( 5)(g), FA. C. Support services are available from various sources. Available support services may include but are not limited to: Homeownership Counseling (Pre and Post), Credit Counseling, Tenant Counseling and Transportation K. Purchase Price Limits: Section 420. 9075( 4Xc), F.S. and Chapter67- 37.007( 6)FAC. Purchase Price Limits: The sales price or value of new or existing eligible housing may not exceed 90% of the average area purchase price in the statistical area in which the eligible housing is located. Such average area purchase price may be that calculated for any 12- month period beginning not earlier than the fourth calendar year prior to the year in which the award occurs. The sales price of new and existing units, which can be lower but may not exceed 90% of the median area purchase price established by the U.S. Treasury Department or as described above. The methodology used by Okaloosa County ( local government) is: X_ Bond Study Numbers provided by Florida Housing Finance Corporation Independent Study ( copy attached) U. S. Treasury Department Local HFA Numbers TB U :ArchivelSmPILHAPS 2003- 04 LHAP Fonns dtd 9_ 03ILHAP Template 9_ 2003 #3dr _ 3-  o. Administrative Budget: Chapter 67-37.005( 6)(/) 3, FA.Coo A detailed listing including line- item budget of proposed Administrative Expenditures is attached as Exhibit A. These are presented on an annual basis for each State fiscal year submitted. 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 ofthe 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. The Okaloosa County/ City of Fort Walton Beach_ city/ county has adopted the above findings in the attached resolution, Exhibit E. II. LHAP HOUSING STRATEGIES: Chapter 67-37.005(5), F.AC A. Name of the Strategy: Purchase Assistance 1. Summary of the Strategy: Ship funds will be made available to support down payment, closing costs, GAP financing, debt collection and substantial rehabilitation for the purchase of existing or newly constructed affordable housing units on a one- time basis to income eligible homebuyers. Assistance shall be tailored to the individual affordability and financing needs of the participating homebuyer. However, each homebuyer shall only receive the minimum level of assistance required to enable the purchase and necessary repair of an existing or newly constructed home utilizing GAP financing when necessary. Pennanent first mortgage financing exceeding the SlllP Homebuyer Assistance) is provided through financial institutions without local guarantee, thereby leveraging a significant volume of private sector financing. U: ArcbivelSHIPL/ HAPS 2003- 04 LHAP Fonns dtd 9_ 03/LHAP Templak 9_ 2003 #3dr _TB 6-  The projected average SHIP cost per unit is approximately $ 10, 000 40. 000 up to maximum of$ 35, 000 to a maximum of $60. 000 for all. 2. Fiscal Years Covered: 2006/ 2007; 2007/ 2008; 2008/ 2009 3. Income Categories to be served: Those individuals or households who are within & Q%120% of the median income or less. Beneficiaries must complete a certified Home Buyer Counseling class prior to receiving funds. Eligible Moderate Income applicants will be considered only if there are non- eligible buyers in the Very Low Income and Low Income categories. 4. Maximum award is noted on the Housing Delivery Goals Charts: 35, 000 $ 60. 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 until sale, transfer or rental of subject property. Requests for subordination in the event of homeowner refinancing will be reviewed on a case- by- case basis with priority given to debt consolidation or reduction in interest and disallowing cash in hand to recipient. The note has no monthly payments, is at zero percent ( 0%) interest, and is due and payable upon sale, transfer or rental of subject property. A direct grant not secured by a lien is allowable to homeowners that are mentally or physically disabled, elderly ( 62 years or older) or below 30% of median income. No repayment is required in such cases. All grants must be approved by the Board of Directors Management Team. 6. Recipient Selection Criteria: Assistance will be provided on a first- come, first- serve, first qualified basis following annual advertisement of the availability of SHIP eligible homebuyers who are at no more than Q resources for & %120% of the median income level for Okaloosa County as determined by HUD, and receive a first mortgage commitment from a local lender. 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. U: ArclJivelSHIPL/ HAPS 2003-04 LHAP Funns dtd 9_ 03/LHAP Template 9_2003 #3dr _TB 7-  A direct grant not secured by a lien is allowable to homeowners that are mentally or physically disabled, elderly ( 62 years or older) or below 50% of median income. No repayment is required in such cases. All grants must be approved by the Board of Directors. B. Name of the Strategy: Rehabilitation 1. Summary of the Strategy: The intent of this strategy is to complete substantial rehabilitation of substandard, homeowner occupied housing. Eligibility for relocation costs will be determined on a case- by- case basis. The economic life of the house should be extended by an additional 20 to 30 years. The maximum per unit cost for rehabilitation can go up to $ 35, 000 $ 46. 000. Fiscal Years Covered: 2006/ 2007; 2007/ 2008; 2008/ 2009 2. Income Categories to be served: The targeted population are those individuals or households who are at 80% of the median income or less. 4. Maximum award is noted on the Housing Delivery Goals Charts: 35, 000 $ 46. 000. 5. Terms, Recapture and Default: Deferred Payment Loans (DPL' s) at 0% interest with no montWy payments secured by a recorded mortgage and promissory note that is forgiven at the end of the following time periods according to the amount borrowed for 5 ( five) years. . 1.00 $ 20, 000 - 10 Years