Local Housing Assistance Plan State Fiscal Years Board of County Commissioners April 21, 2015

Presentation Outline  Background  Housing Strategies  Action Requested

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

State Housing Initiatives Partnership Program (SHIP)  Dedicated funding source for affordable housing  Established Housing Trust Fund  Administered by Orange County  Monitoring and oversight by the Florida Housing Finance Corporation Background

State Housing Initiatives Partnership Program (SHIP)  Local Housing Assistance Plan (LHAP) required  Identifies housing strategies for very low, low, and moderate income households  LHAP must be adopted by resolution Background

Orange County Allocation YearAllocation $358, $1,340, $4,355, $4,300,000 State Housing Initiatives Partnership Program (SHIP) Background

SHIP Program – Expenditure Requirements  65% of funds – home-ownership activities  75% of funds – construction related  60% of funds – low-income households Background

Background  Housing Market Population growth especially in younger households Decline in homeownership rate Tight rental market Slow wage growth

Background  Housing Market Median Price of Homes 2013$149, $164, $160,000

Background Value of Single Family Building Permits YTD Single Family # of Permits1,9262, Median Value$322,376$344,822$324,196  Housing Market

Rental Units Completed Occupancy Levels Occupancy Levels Source: 2014 MPF Research of the Orlando Metropolitan Area Background  Housing Market

Background Changes in Orange/Osceola/Seminole Households Source: Shimberg Center for Housing Studies, University of Florida

Presentation Outline  Background  Housing Strategies  Action Requested

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

Yearly Average Down Payment Assistance115 Homeowners Rehabilitation114 Multi-Family Construction93 Special Needs Housing25

Housing Strategies Household Size Very Low (50% of Median) Low (80% of Median) Moderate (120% of Median) 1$20,450$32,700$49,080 2$23,350$37,350$56,040 3$26,250$42,000$63,000 4$29,150$46,650$69,960 Income Limits

Income LevelCurrent Very Low$30,000 Low$20,000 Moderate$10,000 Housing Strategies Down Payment Assistance  Provide assistance to very low, low, moderate- income households  Required pre-purchase homebuyers education

Housing Strategies Housing Rehabilitation  Provide assistance to very low income households ActivityCurrent Emergency Rehab $20,000 Substantial Rehab $75,000 Reconstruction $100,000

Housing Strategies Multi-Family Construction  Encourage acquisition, construction, or rehabilitation of rental housing for very low and low income households  Continue to provide minimum local government contribution for developers competing for State Housing Tax Credits

Housing Strategies Special Needs Housing  For adult persons requiring independent living services  Provide assistance to disability support organizations: acquire, construct, or rehab group homes provide home modifications for people with disabilities

Housing Strategies Impact Fee Subsidy  Developer incentive to build owner occupied homes, affordable to low-income households  Subsidy Level: Income CategoryCurrentProposed Very Low50%75% Low25%50% Moderate00

Housing Strategies Maximum Sales Price  Maximum sales price must be established in LHAP  Currently $200,000  Average price under our programs is $124,000

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

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