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Local Housing Assistance Plan Amendment State Fiscal Years 2012-2015 Board of County Commissioners August 5, 2014.

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Presentation on theme: "Local Housing Assistance Plan Amendment State Fiscal Years 2012-2015 Board of County Commissioners August 5, 2014."— Presentation transcript:

1 Local Housing Assistance Plan Amendment State Fiscal Years Board of County Commissioners August 5, 2014

2 Presentation Outline  Background  Revisions to Housing Strategies  Action Requested

3 Presentation Outline  Background  Revisions to Housing Strategies  Action Requested

4 State Housing Initiatives Partnership Program (SHIP)  Primary funding source for affordable housing programs in Florida – Documentary stamp revenues – Housing Trust Fund  Orange County has been a recipient of SHIP funding since 1994 Background

5 YearAllocation $ $742, $358, $1,340, $4,355,191 SHIP Program – Orange County Allocation Background

6 SHIP Program – Expenditure Requirements  65% of funds – home-ownership activities  75% of funds – construction related  60% of funds – low-income households  allocation of $4.3M must be expended by June 2017 Background

7 Local Housing Assistance Plan (LHAP)  Required for funding under the SHIP Program  Identifies housing strategies for very low, low, and moderate income households  Amendments must be adopted by resolution Background

8 Presentation Outline  Background  Revisions to Housing Strategies  Action Requested

9 LHAP Amendments  Increase number of units produced  Add a new strategy as an incentive for new construction  Increase maximum sales price for affordable housing Revisions to Housing Strategies

10 Current Housing Strategies  Down Payment Assistance  Home-owner Rehabilitation  Multi-Family Acquisition/Construction  Special Needs Housing Revisions to Housing Strategies

11 Yearly Average Down Payment Assistance 68 Homeowner Rehabilitation 41 Multi-Family Construction 93 Special Needs Housing 18

12 Income LevelCurrentProposed Very Low$10,000$30,000 Low$7,500$20,000 Moderate$0$15,000 Revisions to Housing Strategies Down Payment Assistance  Increase amount of assistance  Provide assistance to moderate-income households

13 Income Level Dade County Palm Beach County Hillsborough County Duval County Very Low$80,000$100,000$40,000$20,000 Low$70,000$65,000$35,000$17,500 Moderate$60,000$50,000$10,000$15,000 Revisions to Housing Strategies Other Levels of Assistance

14 Revisions to Housing Strategies Housing Rehabilitation  Increase amount of assistance  Provide assistance for reconstruction ActivityCurrentProposed Emergency Rehab $15,000$20,000 Substantial Rehab $50,000$75,000 Reconstruction $0$100,000

15 Revisions to Housing Strategies Multi-Family Construction  Encourage acquisition, construction, or rehabilitation of rental housing for low income households  Continue to provide minimum local government contribution for developers competing for State Housing Tax Credits  No revisions recommended

16 Revisions to Housing Strategies Special Needs Housing  For adult persons requiring independent living services  Provide assistance to disability support organizations to acquire, construct, or rehab group homes  Partner with nonprofit agencies to provide home modifications for people with disabilities  20% of SHIP allocation must be spent under this strategy – $871,038  No revisions recommended

17 Revisions to Housing Strategies New Strategy: Impact Fee Subsidy  Few homes being built at price levels affordable to low-income households  Developer incentive to build owner occupied homes, affordable to low-income households  Subsidy Level:

18 Revisions to Housing Strategies Maximum Sales Price  Maximum sales price established in LHAP  Factors that affect affordability  Sales price  Income  Interest rate

19 Revisions to Housing Strategies HUD 2014 Income Limits  Median Income $54,800 Household Size Very LowLowModerate 1$20,100$32,100$48,240 2$22,950$36,700$55,080 3$25,800$41,300$61,920 4$28,650$45,850$68,760

20 Revisions to Housing Strategies Maximum Sales Price  Increase maximum sales price FromTo $170,000$200,000

21 Revisions to Housing Strategies Affordable Housing Advisory Board  Appointed by the BCC  Makes recommendations on housing strategies  Board recommends the proposed revisions

22 Presentation Outline  Background  Revisions to Housing Strategies  Action Requested

23 Action Requested  Approval of Resolution of the Orange County Board of County Commissioners regarding the State Housing Initiatives Partnership (SHIP) Program and the Orange County Local Housing Assistance Plan (LHAP) for State Fiscal Years , , ; Certification to Florida Housing Finance Corporation; and State Housing Initiatives Partnership (SHIP) Program Local Housing Assistance Plan Amendment for State Fiscal Years , , All Districts


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